"Translations" is a table of all interface and content text strings broken down by language. It holds button labels, messages and other phrases the visitor sees.
What you see
A large table of translation rows. Each row has an identifier/key, a flag for whether the phrase is translated, the translation value for a language, plus a change date and actions at the end of the row. At the top are a search field and status filters; at the bottom is pagination (there are many rows, split across pages). Some translations are short (a single word), others are long paragraphs of text.
How it works
Find the row you need via search by key or text, open it for editing and enter the translation for the relevant language, then save. The "translated" flag helps you quickly spot where text is still missing. New rows usually appear automatically when a new phrase is added in the system.
Why it matters
This is the foundation of a multilingual store: thanks to translations the same site speaks to the customer in Ukrainian, Russian or English. You adjust wording without a developer — from button names to service messages — keeping the interface neat and clear.