Properties are attached to
categories and are used to provide structured information for products. The structured content then allows more powerful ways to browse the product database and set various filters. With properties it's possible to very easily look at something like:
Books with Author J.K. Rowlings. In that example the property is
Author and it is attached to the
Books category. Each Harry Potter book would then have the author property be filled in with J.K. Rowling as the
attribute.
There are three main types of properties
Categorization - these are usually things that are text-based, so names, places, etc. Also note that a product can have multiple values entered for a categorization property, so continuing the book example, you can have multiple authors for a particular book. Read more about categories
here.
Numeric - used for numeric specifications, things like weight, size, price, etc. Numeric properties may or may not have a unit associated with them. Furthermore, for a numeric property a product can only have one value, i.e. the property price, if you look at a particular product will only have one price.
Dates - pretty straightforward, the release date property that applies to all products is a good example. Shares the same restriction as Numeric in that a date property for a specific product can only have one value.
Also note that in the navigation side bar on the left, and also the product details section at the top of the product page, the property names are actually links that take you to the property page where more information about that particular property is given.