djwinder:
Well, I haven't given this a great deal of thought, but one things that does come to my mind after reading your posting is that you need to get a little more creative with your item numbering.
For example: you could designate all jumpers with a J. Then add a size designation such a S for small, M for medium, etc. Then perhaps add an R for red, B for blue, etc. and finally maybe a number 1, 2, 3, for material.
Using something like this would give you a unique item id for each product and would be easy for you to keep track of.
If someone wants to order a Red Wool Jumper, size Small the Item id for that would be JSR1
where J is for Jumper, S is for Small, R is for Red, and 1 is for the material Wool.
I don't know, but it seems to me this should work, particularly since you are not going to have a few thousand items to keep track of.
If you anticipate you will be adding "hundreds of items" down the road when you achieve great success then you might want to set up a more elaborate database system with numerous tables that were all normalized and etc., etc.. But, for what you are currently planning I think a simple database with the above style item id should work.
Good Luck