System setting can be accessed from Settings > Organisation > System Settings. 

Product look up setting allows users to customize the level of detail displayed during product lookup. Users can select their desired option from the drop-down menu in the edit mode.

• Simple: Displays Product code and Product description 
• Compact:  Displays Product code and Product description and any additional product flag
• Extended (default) : Displays Product code and Product description, Product type, Product group, Product subgroup and any additional product flag

NOTE: You will be presented with the same search results irrespective of the Product look up option selected.   A change to how the search results are returned is coming in a future release.