Is SEO dead in 2024, or is it still working?

I am questioning whether SEO is still effective because our e-commerce site, which sells targeted leads for businesses, has experienced a significant decrease in traffic. Despite our efforts to create quality content and obtain high-quality backlinks, it has been challenging to regain traffic. It seems that search engines are placing less emphasis on backlinks due to the advancement of AI. I am unsure if I should continue with SEO or if it is no longer worthwhile. What do you think about this situation?

SEO is not dead in 2024, but it has evolved. The recent updates to search engine algorithms, particularly the increased reliance on AI, have made traditional SEO tactics, such as backlink building, less effective. However, SEO remains crucial for online visibility. The focus has shifted towards creating high-quality, user-friendly content, building brand authority, and leveraging social media platforms. Websites that prioritize user experience and provide valuable information are more likely to rank well in search results. The key to successful SEO is to adapt to these changes and focus on strategies that align with the evolving search landscape.