You can use WooCommerce Serial Numbers both with your physical and virtual products. With software API support you can either use the plugin to assign and track serial numbers for physical products or license keys for license enabled products.
For a license enabled or serial key enabled product, you need to add serial numbers with that product. Simply add serial numbers with the product following the available options.
When a customer purchases a license enabled product, a license key will be added with the order when the order is complete. You can either set auto-complete orders or can control it manually for your license/serial enabled products.

Serial Numbers are displayed on the order confirmation page and also added with the order confirmation email. Your customers will be able to find the serial numbers in their account section under the order details too.

There are multiple ways you can add serial numbers with a product.
How to create and assign serial keys:
There are multiple ways to create and assign serial keys with a product. WooCommerce Serial Numbers offers three different ways to create license keys.