Lower your bids while you work on improving conversion. It will reduce your traffic, but you need to get your CPC in line with your visitor value, otherwise you'll just drain your wallet.
Conversion improvement can be tackled from several directions. Polishing the sales process on your site, better targeting of your ad placements, ads that discourage curiosity clicks, and so on.
Another factor is developing "backend" followup. If you sell a person one thing, do you have systems in place to sell them something else later on? If yes, you could afford to pay more for that first click.