Is the offer/pricing influencing my add-to-cart, initiate purchase and conversion rate?

Hi, I would love some feedback/review on how I can improve my new store.

I recently started a small kitchenware e-commerce business and I’m looking to improve the conversion rate. Here’s my store link: https://muliving.sg/

I have tried multiple ways to improve the offer and pricing. Currently, with the current pricing, free shipping + 2nd item 50% off is really the best I can do without harming my margin (otherwise the CAC will eat into my cost).

Most people will land from the Facebook/Instagram ad onto this page https://muliving.sg/products/kintamani-natural-teak-wood-cooking-utensils and it’s the bestseller so far (that I can still get some contribution margin after CAC)

And here’s what the numbers look like:

6.6% add-to-cart rate

5.35% initiate purchase rate

1.26% purchase rate

I would love to have some feedback on how I can do things differently.

Is it the site optimisation that’s causing the problem? (i.e. copy, layout, design, navigation, etc)

Or do I need a better offer?

Any feedback would be greatly appreciated. Thanks!