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Varenna is quite a small town and shopping is somewhat limited. Of course, being a tourist hotspot you will be able to find little souvenir and gift shops and some upscale boutiques in the center of the village. As for major commercial centers however, one would have to travel outside of Varenna. Shopping for food is always a good idea in Italy and stocking up on top quality olive oils and wines among other goods will be easily done in the small food shops of Varenna.
Nearby there are more great shopping opportunities to expand your options. Como is extremely close and is known for producing an exreme amount of silk, ever since the 14th century when silk worms were brought to this area. Naturally, buying beautiful silk products is no problem in Como, boutiques are all over the city selling a variety of silk items. There are also a couple of haute couture outlet stores in Como worth checking out if you love style, such as Binda and Mantero. If you happen to go through Como on a Saturday, check out the city market which isn't just food but also clothing.
Milan is one of the world's best places to shop and luckily it is very close to Varenna. Anything and everything that you could possibly want is available to buy--is there.