You can create Item-Matrix products with variants in Lightspeed. These are products that have different selectable options in your Channel. For example, if you sell shoes you would want to create these products in Lightspeed with variants for size, color or both. You can create your own custom attribute sets and variant values in Lightspeed.
You can view the video below to learn more about creating products in Lightspeed as a Master with variants.
https://retail-support.lightspeedhq.com/hc/en-us/articles/229130188-Creating-matrices
You can also assign products to categories and sub-categories in Lightspeed.
https://retail-support.lightspeedhq.com/hc/en-us/articles/229129848-Creating-categories
Item-Matrix items, variants and product categories all sync to ChannelAdvisor. Below is an example of a Master product with variants in ChannelAdvisor. This product was originally created in Lightspeed and automatically synced to ChannelAdvisor.
ChannelAdvisor displays the colors (Camouflage) and sizes (Small, Medium) that were created in Lightspeed.
ChannelAdvisor displays the primary category in Lightspeed for this product: Apparel
ChannelAdvisor displays the subcategories in Lightspeed for this product: Men's > Bottoms