The shop preferences page under the settings section of your dashboard, allows you to manage settings related to the shop used on the site.
The shop preferences page is broken down into sections named Display Settings, General Settings, Product Settings, Search Bar Settings and Checkout Settings (See pictures below). Each section has boxes to fill in and tick boxes to tick/un-tick depending on which setting you want on or off. Please ensure that you fill out this information correctly as it will alter how the shop is displayed.
Each point within the preferences page has some helpful information in grey, which should aid you in this process.