Business is booming. Not exactly dying as indicated here in the HN circles because obviously HN crowd is much further ahead in the curve. SEO is still the number one opted channel by most ecommerce stores because keywords like "red party dress" or "green shoes" are still immensely more valuable and bring ton of revenue every day.
Ofcourse, Google is trying hard to monetize every little real estate but still a ton of keywords don't have any advertisers at all. Optimizing for these has been the number#1 revenue maker in the past 3 years.
The other aspect of this the "paid ads" also immensely valuable to advertisers. We have people spending 3 million dollars a month on paid ads returning 8X ROAS. Google & FB are still the most lucrative channels for ecommerce.