The API (Application Program Interface) setting in WooCommerce allows stored data to be created, read, updated, and deleted, using the JSON format, around the internet. This is useful in case of data sharing between two systems.
An example would be if you are developing Mobile APP for your customers. The mobile APP would show the products from your online store and for it, it fetches the products from your online store.
The WooCommerce API works on Keys which are linked to WordPress users on your website. Go to WooCommerce > Settings > API > Keys/Apps to create and manage keys.
To create a key click on the Keys/Apps link, then in the page provide the Description for the key, select the User for who this Key is, and provide it an access level Permissions.
Access levels can be Read, Write or Read/Write.
After the Key is generated you will get it’s Consumer Key and Consumer Secret. Use them in the application that uses the WooCommerce API.
WooCommerce also provide Webhooks option to send an event notification to a chosen URL. They can be used to trigger event on – order created, order deleted, customer created and so on. Webhooks makes possible for 3rd party apps to integrate with WooCommerce.
Below are the WooCommerce Settings tutorials which will help you to do various setting in your Website.