Hello Sheri,
Thanks for posting your question regarding notifications indicating WooCommerce templates are out of date. If you are using the default Pavilion theme by BoldGrid, you can simply proceed with backing up your website and then updating the templates by navigating to WooCommerce > System Status. If you are using a Child Theme and making customizations to the files themselves, then there may be a bit more involved in the process (in order to preserve your custom code). Either way, the WooCommerce documentation provides details on how to proceed with this particular kind of update to the theme files.
I strongly recommend you create a backup before running updates like this. A backup will create a working/restorable point for your website, in case the updates cause unexpected behavior.
BoldGrid themes are regularly updated, however, I don’t believe that these are the updates that WooCommerce is indicating. According to WooCommerce, all themes (even those that do not claim to be WooCommerce “ready”) will work with WooCommerce. I hope this helps!
Sincerely,
Carlos D