Archive Page for Custom Taxonomy in Custom Post Type

Hi,
I have created a custom post type products and under which I created a custom taxonomy producttype.

Here is the code I used:

function wpstores_custom_taxonomies() {

  $labels = array(
    'name'                => 'Product Types',
    'singular_name'       => 'Product Type',
    'search_items'        => 'Search Product Types',
    'all_items'           => 'All Product Types',
    'parent_item'         => 'Parent Product Type',
    'parent_item_colon'   => 'Parent Product Type:',
    'edit_item'           => 'Edit Product Type',
    'update_item'         => 'Update Product Type',
    'add_new_item'        => 'Add New Product Type',
    'new_item_name'       => 'New Product Type Name',
    'menu_name'           => 'Product Types',
  ); 	

  $args = array(
    'hierarchical'        => true,
    'labels'              => $labels,
    'show_ui'             => true,
    'show_admin_column'   => true,
    'query_var'           => true,
  );

  register_taxonomy( 'producttype', array( 'products' ), $args );
}
add_action( 'init', 'wpstores_custom_taxonomies', 0 );

And, here is the code I am using to create the archive page for the taxonomy terms.

<?php $term = get_term_by( 'slug', get_query_var( 'term' ), get_query_var( 'taxonomy' ) );
$args = array( 'posts_per_page' => -1, 'post_type' => 'products', 'producttype' => $term->slug,);
	$loop =  new WP_Query ( $args );
	while ( $loop->have_posts() ) : $loop->the_post(); ?>

		<div class="homesingleproduct">
			<figure>
			<a href="<?php echo the_permalink(); ?>"><?php if ( has_post_thumbnail() ) {	the_post_thumbnail('productpage');} else { echo get_the_title(); }?></a>
			<figcaption><?php the_excerpt(); ?></figcaption>
			</figure>
			<h3 class="producttitle"><a href="<?php echo the_permalink(); ?>"><?php echo get_the_title(); ?></a></h3>
			<div class="productdesc"><?php echo get_post_meta($post->ID, 'wssmalldesc', true); ?></div>
		</div>

	<?php endwhile; ?>
 <?php wp_reset_postdata(); ?>'

And, saved that as <code>taxonomy-producttype.php</code>.

It seems not to work at all. Every time I load up the term archive page by

https://www.domain.com/product/plugins/ it loads the index page.

What I am doing wrong?

Thanks