This product type lets you add variations to the same product to create a complex, variable product. Each variation of the product has its own price, SKU, available stock, etc. eg: A shirt or t-shirt with different sizes and different colors.
While creating the product, you can select the ‘Variable product’ option from the drop-down. To be able to create different variations, you will have to set up attributes and define values to each of them. You can use different attributes and values to create variations. After that, you can manually create available variations or create all possible variations in one go. You can update individual details for each variation, after all required variations are created.