WooCommerce is a heavy script, it makes many queries to the database. A cache plugin will reduce the number of queries because the pages will be pre-generated as html.
Check the available cache plugins here https://wordpress.org/plugins/search/cache/
On the demo site we are using W3 Total Cache and Autoptimize. But you can use another one like WP Rocket, WP Optimize, Hummingbird.
LiteSpeed Cache is recommended only if your web server is OpenLitespeed. Otherwise, use one of the other solutions. It depends on your expertise, it’s something you will be using regularly.
Regardless of the optimization plugin you should cache your pages and minify js and css files.
You must optimize your images preferably using .webp format
Take a look at the available image optimization plugins https://wordpress.org/plugins/search/webp/
Use a CDN
Use a CDN to store your static assets. Those assets will be delivered from fast servers around the world without consuming more resources from your own web server.
If you don’t have a custom CDN you can try with Cloudflare free or Jetpack.
The cache plugin will help, but the server response time has to do with your server resources. On shared hosting WooCommerce is usually slow.
Use good quality WordPress hosting or a VPS.
Uninstall all unused plugins
The number of plugins affect the site performance, keep only the plugins you really need. Keep active the following plugins because they are required: Goya Core, Meta box and Kirki