What are Magento product types?

Magento simple product: It is used for a single item without any specific selectable variations. For example, a pen, copy, etc.
Magento grouped product: It is used for a combination of Magento simple product. For example, a pen and copy together.
Magento configurable product: It is used for a single item with specific selectable variations. For example, a pen with different color options.
Magento virtual product: It is used for a virtual item i.e: non touchable item. For example, reservation, insurance, etc.
Magento bundle product: It is used for a bundle of simple products. For example, laptop with various items such as processor, hard disk, RAM, etc.
Magento downloadable product: It is used for online software items. For example, PowerPoint presentation, MP3 files, servers, etc.