Alexa ranking isn't just about the measure of traffic on a website. It also looks at how many pages a visitor viewed on the website. Add to that comparison with other websites. Probably, that's where your site might be taking a hit.
You could consider having more customer engaging content on your website, have proper cross-linking between the pages and check on your SEO practice. Also, try and look for some analysis of your visitors, when and where do they spend most of their time. You could offer them more content like that or do something more in that direction.
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