Why has my website traffic dropped even though my Google rankings haven't changed?

My website is still ranking for the same keywords as before, but organic traffic has decreased significantly. I’m trying to understand why this might happen and what factors I should investigate.

This is actually more common than people realise, especially for UK service businesses right now.

Rankings staying stable but traffic dropping usually points to a few things worth checking:

Click-through rate shifts — Google has been expanding AI Overviews and featured snippets aggressively. If your result is still ranking but the SERP layout around it has changed, fewer people are physically clicking through even if you're in the same position.

Seasonality — Depending on your service niche, Q1 and early summer tend to see natural dips in search demand across the UK. Worth comparing year-on-year in Search Console rather than month-on-month.

Branded search drop — If fewer people are searching your brand name directly, overall sessions fall without touching your organic rankings at all.

Device or location shifts — Sometimes traffic drops from a specific segment (say, mobile users in a certain region) that doesn't reflect in your average ranking position.

First thing I'd do is open Google Search Console, filter by the last 3 months vs the same period last year, and look at impressions vs clicks separately. If impressions are holding but clicks are down, it's almost certainly a SERP feature issue rather than a ranking one.

What sector is the service business in? That might narrow it down further.