I think it looks good, although the pixel version seems much smoother, like it's made of plastic instead of fabric. The light source is different (and slightly inconsistent if you compare the straps with the bag itself), so why not just use the same light source and see if you can imitate the wrinkled fabric?

Good as a dithering experiment. I think these 2 reds are not in the right level range (unchecked, just visual).
One tiny thing about color (again) Notice in your photo ref the grey of the bag is influenced by its surroundings so that even though its a grey bag the colors are in the ochre-ish green side of neutral.
In pixelart, whenever a piece is true grey without a surrounding to influence color values, most artists lean towards a blue/grey neutral ramp as it reads as grey while giving it just enough pop to stand on its own. This tends to happen with white ramps too...just a tidbit.

ps: You'll be happy to note that I'll be offline a lot for the next week so you are in the clear for this time...I'll be back tho, so kutgw