It's common to have the same core product, but slight variations of it. So instead of creating a new unique product in WooCommerce, you can instead make 1 product, create an attribute, then create variations of it.
Sound confusing? Let me give you an example.
Say you have a shirt design of a panda. For this shirt you have different colors and sizes available, but the shirt design is the same.
In this example, size and color are attributes.
Here is how to set this up in practice, its a full tutorial on WooCommerce, but when you click play it will go to the segment on variations.