How to create product template? Please see the red box. In Magento there is a feature where i can create Product Templates - templates can be created for products with different fields.

I know i can create Content Types for this, but i felt that will make too many Content Types. Is there another work around this so that it's like Magento? Is there a module for it.

Thanks!
In Drupal Commerce you can just make product types and it will generate product displays (content types) meant for building the presentation. The product type holds all the meta data about the product itself.