You can use this option when you want to show new products, on sale products, and sold product labels.
So, to use it, you first need to Go to admin panel > Appearance > Customise > WooCommerce > Product Archive/Shop and choose labels as described in below image.
For new product label, Go to admin panel > Products > All products > Hongo product settings > single product settings and select new product as “yes” like second image.
