Can I change the word product in my product page URLs?

Yes, under Settings → SEO Settings → Permalink. You can change the URL prefix for Shop, Shop by Category, Product, Product Category, Product Tag, Brand, All Blogs, Blog, Blog Category, Blog Tag and Page (leave Page blank for addresses straight after your domain).

Each prefix is saved on its own:

1. Type the new prefix and click Save.
2. A box shows how many pages and menu links it affects.
3. Click Approve & apply, or Reject to keep the old one.

Approving replaces the prefix everywhere, including canonical URLs, the sitemap, menus and links inside your pages and blog posts. Old URLs stop working, so if your shop is already indexed or shared, add redirects for important pages.