Looking for experienced Shopify/Meta Ads opinions.

I'm trying to figure out whether I have a conversion problem, a traffic problem, or a technical problem.
Store:
Shopify
Product: Color By Number book for adults
Target audience: Women 45-65 (USA)
Price: $24.99
Traffic source: Meta Ads
Last 7 days:
531 Product Page Views
115 Add To Cart
47 Initiate Checkout
0 Purchases
Additional context:
Shopify Payments works
PayPal works
Multiple successful test orders completed
Shopify support could not find any payment issues
Several Fiverr developers checked the checkout and confirmed it loads and functions correctly
Microsoft Clarity recordings show many visitors:
Adding to cart
Reading shipping information
Reading refund policy
Proceeding to checkout
Interesting observation:
I receive multiple notifications per day that people are sharing my Facebook ads with others.
What confuses me is that the top of the funnel seems relatively healthy:
531 Views → 115 ATC → 47 Checkout Starts
But then it completely dies at purchases.
Questions:
Have you seen this pattern before?
Would you investigate traffic quality first, trust issues, pricing, or a technical problem?
Does 115 ATC and 47 Checkout Starts with 0 purchases look abnormal to you?
What would be the first thing you would check if this was your store?
Any feedback is appreciated.

Looking at this, immediately I will say this: Price.

Price: $24.99 - That is your biggest problem right there.

For example, here in the UK, if I walk into a poundland shop, I can pick up a coloring book of 20 pages or more for adults - with excellent quality, I may add, for 1 pounds. Just over a dollar in American terms.

In order to understand your target market, you need to look at Amazon, and other platforms to see how they sell, what price they sell for, and the keywords used. I can tell you now... even if I did coloring books as a hobby, I would not pay $24.99.

Does that make sense?

The only way you can justify such a price, is if the coloring book is leather bound, or something super special, which normally they are not.

I have seen people make the same mistake with T-Shirts, handbags, and even shoes, because drop shipping takes a huge amount up front, and the seller themselves, receives very little at the end.

You could justify the price, if the coloring book is a 'custom book' geared towards mothers or children, where you add their name to the book. That would involve customizing every book.

While @sjm01 has a point about the price being on the high side, I dont think thats the main issue here. If 47 people initiated checkout, they already knew it was $24.99 and were ready to buy.

If your clarity recordings show them digging into shipping and refund policies, the leak is definitely there. What are your shipping rates and delivery times? If they get to the final step and see a surprise $6 shipping fee or a 2-3 week delivery estimate, they are going to bounce. That 45-65 US female demographic is super sensitive to shipping times... they expect amazon speed or at least clear expectations.

Also double check if you have any tax calculations that jump the price up at the very end. If it was my store I'd try running a free shipping offer for a few days and see if those checkouts convert.