Hello,

01. WoodMart theme allows creating custom labels and assigning them to products in the store. In general, custom labels are simple product attributes as well as size, color, or any other. They are created in Dashboard -> Products -> Attributes -> Label (title of an attribute) -> Configure terms.

Please follow this guide:
https://xtemos.com/docs-topic/product-labels

02. Sorry to say it is not possible to show the image here. Alternatively, Try to create a variable product. Navigate to Products > Attributes > Configure term value of attribute > enable the option Image swatch.

Please check this manual:
https://xtemos.com/docs-topic/variable-products-and-swatches/

Hope this Helps!

Best Regards.