Hello,
Yes, it is recommended to use compatible versions of theme and woocommerce, so you need to update theme to latest version.
Don’t forget to create backup of your files and database before starting update process!
You need to enter your purchase code to activate our new theme version and skip Setup Wizard.
Do not forget to update all required plugins https://www.8theme.com/download-plugins/ (to update free plugins just click on update link from your Dashboard (Plugins > Installed Plugins); to update premium plugins, connect to your server using FTP. Copy extracted plugins folders into wp-content/plugins/).
Also, from the 4.0 update, all the custom styles come not like inline CSS but as styles from separate file – dynamic.css (to speed up the site loading). If you created child theme before 4.0 update you need to make changes in your child theme functions.php file and add one line http://prntscr.com/ikbhbt
wp_enqueue_style( 'dynamic-css', get_stylesheet_directory_uri() . '/dynamic.css' );
after that create an empty dynamic.css file in child theme directory.
Feel free to ask if you have any other questions.
Regards