What is the create label option in the contacts section?

Create label option allows you to add columns in the contact list. For example, if you would see any contact, there would be details of email ID, assigned to, Name, etc. Now assign label allows you to create a new column like GST number. Now, this would allow you to update the GST number of your contacts on the platform itself.  When you export the contacts as an excel file, it would also contain the column for GST number, thus, helping you maintain a database at a single location.