Possible Penguin Penalty on E-Commerce business site - What Next?

Hi Guys,
So early last week my e-commerce site that was ranking okay for a lot of high competition keywords (pages 2-3) and rankings had been on the rise for a month or so but then all of a sudden they crashed with most of my keywords that had reach page 2 or 3 dropping out completely to the abyss!

I have a slight feeling it might be because of lack of diversity in the backlink profile as most have been exact match anchor pointing to collection pages on the e-commerce site so not the homepage.
Like everyone on here I have used some of the link building packages before but the last one I bought was about 6 months ago and they seemed to work well.

I was wondering if anyone had an insight or experience of recovering from what looks like a Penguin penalty? The reason I say Penguin is because although a lot of my main keywords were hit, some are actually still steadily rising so it doesn't look like it's hit my whole site.

Thanks in advance!

Good luck my friend..

Google said, that Penguin 4.0 will penalize the particular pages, rather than a whole site. How much you can believe it... well... hard to say, but it indeed seems to be your case.

If I were in your place, I would immediatelly start dilluting the anchor texts. Brand/URL anchors all the way. Try to reduce that exact match anchor to minimum. In my experience it worked out pretty well.