What are product types?
Product types are essentially templates for products.
For example, if a lot of products use the same category, price, description, shipping options, etc – they would use the same product type. In other words, product types save you time by not having to manually set the parameters mentioned above. Simply assign the product to a previously created product type, and all of those parameters will be set automatically.
How do I create/add new Product Types?
You can create your own product types by simply hovering over the Products page and selecting Product Types.
How do I assign products to Product Types?
Once the Product Type has been created, you can assign products to it by going to the Products page, ticking the desired products, going to the product actions drop-down menu and assigning them to the desired product type.
Also, whenever creating a new item, you can assign that item to a product type directly from the product creation page, as such: