Where should I primarily focus my funds and effort for an e-commerce website?

Content > internal links > backlinks

Done simultaneously.
 
I think the biggest mistake is spending everything on ads. A balanced approach with SEO, CRO, and customer retention usually delivers better long-term results.
 
If most of your keywords are already coming back to page 1 and page 2, I wouldn't spend most of the budget on new articles right at this moment. Your biggest opportunity is to push existing pages higher.

I'd prioritize internal linking first, then quality backlinks to key category and product pages, and only then new content.

Seeing as the site is already manifesting signals of recovery, this is typically the time to build authority and relevance rather than expand aggressively.

In my experience, moving existing keywords from positions 8-20 into the top 5 often brings in more revenue than publishing dozens of new articles. With a limited budget, I'd allocate roughly 50% to backlinks, 30% to internal linking optimization, and 20% to strategic content updates.
For a WordPress + WooCommerce eCommerce website, many keywords are currently ranking at the bottom of page 1 or on page 2 in Google search results.

If I fix technical SEO issues (such as adding noindex to filtered URLs like color, size, and model variations, and pagination pages), which was not previously modify).

improve internal linking between category pages and product pages (which was not previously optimized), and also build high-quality backlinks, will this effectively improve keyword rankings?

If yes, how long does it usually take to see noticeable ranking improvements?
 
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