You can enter an (optional) header and description, which will show above the featured product
Once the 'Product' is selected from your current available products there are a few options you can configure.
This sets on which side the product images will appear, left or right.
Open cart page when item is added
If ticked, the cart page will open if the item is added to the customers cart.
Will show the product vendor above the product title.
Show product description
This gives you the option to hide the product description, handy if it's a little too long for the homepage.
Show quantity selector
If you want to show the quantity selector on the homepage
If you have installed the (free) Product Reviews app from Shopify, you can set it to show a star rating.