shipment vs product

shipment and product both are nouns.

Word	Noun	Adjective	Verb	Adverb
shipment	Yes	No	No	No
product	Yes	No	No	No

As nouns, product is a hypernym of shipment; that is, product is a word with a broader meaning than shipment:

Other hypernyms of shipment include merchandise, ware.

shipment (noun)	product (noun)
the act of sending off something	an artifact that has been created by someone or some process
goods carried by a large vehicle	items for sale to the individual consumer
	a quantity obtained by multiplication
	the set of elements common to two or more sets
	a consequence of someone's efforts or of a particular set of circumstances
	a chemical substance formed as a result of a chemical reaction