Click the side menu and select “Products”.
Press the Blue Icon in top right corner with "New Products" Written on it.
Select Product Type [Variant]
Make sure to turn inventory tracking OFF only if stock count is not going to be tracked.
Enable serialised inventory if the variant products have serial numbers in them. ( serial numbers will be added when receiving stocks )
Select appropriate attribute No. (Max 3)
Attributes could be Color, Size, etc.
Pricing & Cost could be added for each variant in the product.