It just won't sell

I started selling a product a few months ago. Since then the niche has became really competitive.

My listing seems in better condition than most of my competitor (better picture, A+ content, Relevant bullet-point) and my price is average buy I can't generate sell. I have 31 reviews with 4.7 stars which is lower than the competition (averaging 300-400 with top sellers at 800-900)

I'm pushing PPC as much as I can't, but for a 80$ product with an average CPC of 4$, I need a 10%+ conversion rate to break-even. My conversion rate right now is 1.3% with over 2K$ spend.

Long keyword don't generate enough volume to get impression and sales.

1 - Do you guys think I have a conversion problem or the CPC is just too high? What is your current conversion rate?

2 - Did you ever face a similar experience? What did you do?