Combination of numerous things. The last year has been poor and getting worse, Buyers do not like the silly prices they see, for example a £10 item appears to them as something like £11.12.
Sellers have been conned into thinking it is FREE TO SELL, but it is free to sell nothing, but if you hope to sell you need to use paid for promotions, so NOT FREE TO SELL. Combining purchases still incorporates ebay buying fee for each item and sending combined invoices has not been possible for some time now.
Even with promotions, number of views and watchers is pathetic. I am only using promotions as I have an offer of £15 towards selling fees, but I will not have used it up by end of promotion on 31st March, when I will remove all promotions on listings.