No body's really talking about what's different between the time you were doing 40-100 sales to just 5-6 per day.
Did you change anything? Was your site speed ever an issue before?
If you didn't change anything, did your competition change something? Did your competitors drop prices? Did they start a marketing campaign? As someone mentioned above - did your rankings change?
You said:
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Loads of people are adding items to the cart then failing to complete the transaction
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How do these numbers compare to before? Did you have more people coming in when you were making 40-100 sales? Or did you have the same number of people coming in and now more are dropping off than before?