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You can set your product variants or collect additional info for your products by clicking on any row on your Products page:
You'll then be redirect to the Edit Product page where you can set variants or collect additional info.
Product variants are different types of one product. For example: your product is a cookie. Under cookie, you have a Chocolate Chip variant and a Double Chocolate Chip variant.
Other ideas for product variants can be: more flavors, different sizes, or add-ons!
...But what if your customers can choose a size and a flavor for one product? This is where Additional info comes in handy.
This enables you to ask customers more questions about the product they've selected. So if your customer has selected Chocolate Chip as a variant, you can ask them what size they'd prefer under Additional info.
If different sizes mean different prices, set a surcharge or an increased price for each. You can also ensure that customers let you know their preferred choice by enabling Answer required.
To add more questions about your product, simply click the Add button under your first question.
Then you can mix and match variants and additional info as you please!
In general: variants are best for different types of one product, while additional info enables you to collect more info for that variant (or across different products)!