Featured products allows you to showcase specific products in different parts of your online store. Some of this will depend on the theme you use, and also if you are using the Products widget.
Adding a Featured Product in WooCommerce
To make a product a featured product there are a couple of ways you can do this.
First, on the product page itself, you can assign any individual product as a featured product.
Also, on your product listing, any product you have in your store can be marked as a featured product. All you have to do is go to your product list and click on the star. When you rollover it, it will show you if it is featured or not. The full color star also signifies if it is featured. Just click on the star to toggle it off and on.
Show Featured Products in Product Widget
One of the uses you might find this for is if you wanted to show some specific products in a widget in your sidebar or footer. You can use the WooCommerce Product Widget and easily select Featured Products as an option and how many you would want to show plus some other options
Using Featured Products in Your Theme
Now if you are using a theme that is specifically built for WooCommerce, likely somewhere in the design and layout of it you will be given the option to showcase your featured items. But you must understand that this will vary from theme to theme and there is no guarantee that such a option exists.
For example, if we were to use the WooCommerce theme Storefront, and add the extension Storefront Product Hero that let’s me create a layout for any page on my WooCommerce site, there would be this option in the customizer to show some of my featured products.
So as you can see, this built in feature could come in very handy depending on your needs and the theme you use.