Need help improving conversion rate on swimwear website

I have a swimwear company and we use shopify. We have been in business for about 8 years. However our traffic has dropped in the last couple of years - I believe due to Meta CPM's rising and likely the economy and inflation rising.

Our conversion rate has dropped recently too, it used to be about 0.8% and now it is more about 0.5% with the odd exception here and there and when we are doing sales. I am using Luckyorange to try and look at recordings to see where people drop off but I can't seem to get anywhere from looking at the recordings it isn't telling me much. I think perhaps conversion events need to be set up to analyse the data better but I'm not sure how to do it.

I really want to improve our conversion rate and I'm looking for some help to do this, such as recommendations to improve it. You can access Luckyorange if this will help and I can give you access to shopify and google analytics. I am losing a lot of money by using paid ads and then a lot of my customers dropping off during the checkout process.