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If conversions rates have declined what better motivation to refresh the site!

The site itself is ok but does feel like it isn’t polished or contemporary enough in its design and layout. Online shoppers these days are increasingly viewing more comparison and competitor websites then a few years ago, so you might be seeing users leaving your site and spending time/money somewhere else.

You need to capture and engage your visitors to your site. Video promotion as mentioned before would be a fantastic benefit to your store. Gives it a personal and interactive touch that would suit your product range and demographic very well imo.

Look at getting a designer to polish up your site. It looks a bit basic to me, very early 2000’s oscommerce style and not very modern in some areas.