Inflation of advertising cost, privacy focused changes in ad regulations as well as increasing number of services moving to subscription model has drastically increased cost of acquiring traffic.
Traffic x Conversion Rate = Sales
This means that Conversion Rate becomes crucially important! Every visitor who lands on your website has cost you money. To maximize that you need to make sure that every seconds spend on the website delivers your benefits of your product with full impact.
90% of e-commerce purchases are on mobile
E-commerce websites have barely evolved over last decades. Yes they might have gotten more polished designs and probably your website is "responsive" (you likely try to squeeze the desktop amount of information in to smaller size). However e-commerce store keep trying to sell predominantly with text and images.
Most of the time spent on the internet is not spent on reading text anymore. Majority of internet is a streaming video content and images. This is how consumers interact with information nowadays.
It is time for e-commerce to catch up.