Your WP install is attempting to exceed the PHP memory allocated to it. This limit may be defined by WordPress, your server configuration files such as .htaccess or php.ini, or your host.
WooCommerce has a doc explaining a few ways to increase it. They seem to recommend 256 MB.
WordPress does as well with some more details.
There are a few things you can try.
In WordPress:
Try adding the following to your wp-config.php file right above the line that says, “Happy Blogging”:
define( 'WP_MEMORY_LIMIT', '256M' );
In the php.ini:
If that does not work and you have access to your php.ini you edit the line that starts with memory_limit to look like the following:
memory_limit = 256M ;
In your .htaccess file:
The .htaccess can be found in the same directory as your wp-config.php file. Add the following on a new line:
php_value memory_limit 256M
Contact your host
If these do not work you’ll need to contact your host to ask about the limits.