Difference between product types (simple, configurable, group, bundle products) in Magento
1) Simple Products
This is the most common among all Magento product types. A simple product is recommended to be used for a single unit with no special selectable options. Every product has its own product SKU, weight, price, and inventory. You can also add some options with an input color, size, or else for the customer’s requirements.
2) Configurable Products
This is a complicated one with a simple product. This Magento product type is associated with clothing as this will be the best example. As clothes are sold in various sizes, shapes, and colors, customers wish to “configure” their required choices before purchasing. A configurable product is basically a bunch of simple products. To understand in a better way, let's take an example of a shirt that comes in sizes S, M, and L. You have to then create simple products for each size. In addition, the colors also differ. Now Create a configurable product. Then, under the associated products picks all the created simple products for every one of the sizes and color. Now Customers can easily select the product’s size, color, or any other attributes to satisfy their needs in full. If you want, you can enter a separate price for each option too. besides, you can put inventory levels too for every simple product with the different images of your preference. Then, in case the inventory level of the small, blue shirt is out of stock, then that option will not be available. Product stock, price, and other characteristics are monitored on the simple products with configurable product accounting for the initial price. Configurable products are known as parent products while associating simple products are called children.
3) Grouped Products
This one is a set of simple products. Magento-grouped products come in useful with the items that accomplish them (like accessories). A grouped product is essentially a collection of simple products that are presented as a group. Customers can purchase each product separately, or as a part of a group. So, you can combine the items that perfectly complement each other.
4) Bundle Products
Magento bundle product makes it possible for the customers to build products that they desire. This type is applied to a bundle of simple or virtual goods that cannot be sold separately. A Bundle product is also known as a ‘kit’ in other eCommerce platforms. This is a composite product type that consists of a number of simple or virtual products. Customers can add and configure products in a bundle according to their requirements.
5) Downloadable Products
Magento admin has to upload files via the back-end to the server through the admin when offering the downloadable product. Input its price (if any) and other additional information. This type of Magento product may have one or more downloadable files, so customers have the option to require all of them to be purchased. No shipping methods are offered as far as there is nothing to be shipped for this product. It’s up to you to decide whether your customer will be able to choose the files to be included in the purchase. After the download link is generated, the customer is then capable of accessing all the downloadable files purchased from the account’s corresponding section. A downloadable product is a type of product that allows shoppers to get it as a file, such as an eBook, music, video, software application, or update. You can put an album on sale and sell each song individually. In addition, you can use a downloadable product to deliver an electronic version of your product catalog. It is very easy to create a downloadable product for your Magento 2 store.
6) Virtual Products
Magento virtual product was developed for those goods that do not need to be shipped, downloaded or delivered at all. These products are known as intangible goods. Virtual products represent non-tangible items such as memberships, services, warranties, or subscriptions and digital downloads of books, music, videos, or other products.
Simple vs. Configurable
Simple product type is just a physical product with no options, like size, color, etc. Simple products can be sold individually, or as a associate of configurable, grouped or bundle products.
The configurable product looks like a single product with drop-down list of options for each variation. Each option is actually a separate simple product with a unique SKU, which makes it possible to track inventory for each product variation.
Grouped vs Bundled
Grouped Products are a group of Simple products, The group of products can only be offered at their normal fixed price.
Bundled Product. Using it you can also sell the product as a kit, but contrary to grouped products, you cannot skip any of its components. Products belonging to it cannot be sold separately and you can only select which exact options from offered you prefer.
Downloadable vs. Virtual
Downloadable Product has a downloadable part. The downloadable product does not allow selecting shipping options at checkout, simply because shipping is not needed.
Virtual products are not physical or digital entries. They cannot be shipped or downloaded from the link. This is a great way to sell services or intellectual products such as warranties, subscriptions or updates.