Hi Danish!
Yes, it is possible, if your posts and products have similar parts.
Lite version evaluates the title and content similarity of the different type of posts (e.g post and product).
In PRO version, you have more possibilities, you can set common categories or similarity categories, that increase similarity between the posts, or manual assignments can be made between posts and products (or other content types).
You can find more information here, in the FAQ tab:
https://webshoplogic.com/product/wp-related-items-pro-wri-wordpress-plugin/
