Am I right in thinking the products are preinstalled on the site, with all the prices, descriptions and pictures, and are theses updated automatically or is there something I need to do, if so how easy is that?

Yes, these are all built-in and ready to trade. You will need the Stock Manger Module to add automation to the shop. 

If you do not go for automation then any new items can be added manually to your inventory by using the online admin area

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