How to set product labels?
Step 1 : Go to Online Store -> Customize -> Theme Settings – > General Options
Step 2 : Scroll Down to “Product Labels”. Here you can set three labels for your products.
Step 3 : Now Go to Products -> Select product you want to assign these labels, add label text as a product tags. I.e. If you want to show label “Best Seller” then set same text to label and product tag.