The backorder label can be used for visualizing to your retailers that a certain products in currently out of stock, but still is available for purchase.
This setting can be found in settings > Products > Backorders.
To make the backorder label visible for your retailers, you first need to turn the setting on, which is done on the switch "Make visible for buyers shop"
This is the switched turned off:
And turned on:
Furthermore, you also have a few editing options for designing the label to your liking.
Here you are able to Select your own text in the Banner header:
You can change the descriptive text below the Banner header:
And lastly you can decide which color the text and banner should be:
When you click on the colored fields, you are able to choose your own color either by dragging your marker around or inserting a HEX color-code.
The final setting you have available for setting up the backorder label is to combine the label with allow backorder. This means the label is only shown when 'Allow Backorders' checkmark on products is activated and the products stock in equal to or below 0.