Product iteration refers to the process of continuously refining and improving a product through multiple cycles of development and feedback. It's like baking a cake and adjusting the recipe based on taste tests. With each iteration, you make small tweaks, add new features, or fix bugs to make the product better. This iterative approach allows you to gather insights from users and adapt the product to their needs and preferences. It's all about learning, adapting, and making your product the best it can be.