Is there any option to add variants in form of color or images?

Yes. You can add variants in forms of both color and images. Follow the steps mentioned below:
Go to Products > Option sets in StoreHippo admin panel. Click on Add options.

To add color variant:

1. Select type as Swatch.
2. Enter color in the color field in Values. 

To add image variant:

1. Select type as Image. 
2. Upload image in Values.

For more information, please refer the link given below:
https://help.storehippo.com/topic/option-sets