Running a store with three English versions: UK, AU and US, each on its own subfolder. hreflang tags are in the head on every page, self-referencing, x-default pointing to the US folder. Checked them with Screaming Frog and no errors show up.
Problem is that in Australia the UK pages rank for about half of our product queries. Prices show in pounds, people bounce, conversion from AU is basically dead. It has been like this for ~2 months since the migration.
Content is 95% identical between the three versions apart from currency and a few spelling changes. Is that the issue? Or is Google just ignoring the tags? Anyone fixed something like this without building fully separate content?