The Products settings in Shopify's Theme settings let you control how product information and badges are displayed across your store.
1. How to access the Products in the Theme settings?
In the theme editor (Customize), click the Theme settings button > In the Theme settings tab, scroll through the list and select Products.

2. How to customize the Products in the Theme settings?
In Products settings, you can config product badges, wishlist, compare, and other settings related to the product.
2.1. Price varies style
Controls how variable product prices are displayed. There are two styles of price variant in the theme, you can look over this image:


2.2. Badges
Badge shape: Choose between Circle or Round shapes for product badges.
Use on sale badge: Toggle to show a badge when a product is on sale.
On sale badge display style: Choose to display sale badge as Text (e.g., "Sale") or Percentage (e.g., "-20%").
Use new badge: Toggle to show a badge for new products.
Automatic "New" badge period: Set the number of days a product is considered “new” after it's added.
Use sold out badge: Toggle to show a badge when a product is out of stock.
Use pre order badge: Toggle to show a badge for pre-order products.
To set up pre-order products, you tick on 'Track quantity' and 'Continue selling when out of stock' of the product.
Use custom badge: Toggle to show a custom badge defined elsewhere in your theme.

To config badge colors, please check this document
2.3. Wishlist
Wishlist allows customers to create a list of products that they are interested in but don’t want to buy yet. They remain active in their account, and with one click can then be placed in the cart. This is a powerful tool for user engagement.

2.3.1. Wishlist mode
Here you can configure your Wishlist mode with these options below:
Disable: You can choose this option if you don't want to use wishlist. Then all wishlist buttons at the header, product page, product grid, etc... will be hidden.
Enable Wishlist local: Its a built-in theme so you just need to choose this option without doing anything. The Wishlist will work on your store.
Enable wishlist account (Install EcomRise free)
Enable Growave wishlist install here
2.3.2. Action when people click added wishlist: There are two choices for you, including Go to the page wishlist or Remove it from the wishlist after clicking.
2.4. Compare
Compare allows customers to create a list of products that they are compare products each orther about color, size, price, ... .You can enable comparison for a maximum of six products in this sec

2.4.1. Compare mode
Here you can configure your Compare mode with these options below:
Disable: You can choose this option if you don't want to use compare. Then all compare buttons at the header, product page, product grid, etc... will be hidden.
Enable Compare local: Its a built-in theme so you just need to choose this option without doing anything. The Compare will work on your store.
Enable compare account (Install EcomRise free)
2.4.2. Enable compare popup
Will show popup when after click to add compare or click button added compare. (Does not work with EcomRise)
2.5. Miscellaneous
Placeholder for product no image: you can set the Placeholder Image for products that have not been set image before.

Use collection link on vendor: please check this document
Use collection link on type: please check this document