Don’t overestimate the influence of traffic on your site. I see a lot of companies focusing entirely on getting more traffic. While this may be a good thing to get more exposure, traffic as such does not tell you that much.
What’s more important is what source that traffic comes from? From affiliates, networking sites, social media, mobile sites, geographical location, which gender? Etcetera…
Than start tracking which category from which source causes the most conversion? In other words: which group, from which place, at which time buys your products in your webshop.
Going ballistic over dropping traffic numbers is nowhere near as disturbing as not knowing your user. And not knowing why your doesn’t buy at your webshop should be an online marketers equivalent to blasphemy.