How to covert text from a number

Hi all,
Firstly thanks to all of you that assist with excel conundrums, you are such a great resource for us all. Its much appreciated.

Hoping someone can help me today. I have a product list of maybe 200+ products, that I have to convert into a a transaction list every time I sell one. I am trying to insert a function where I could add a code in one cell eg. '001' which would then automatically insert the relevant product 'Red Bag', saving me having to manually write up the product name every time.
The tricky part is that the product list isn't always in the same order and could appear anytime along the list of cells and in multiples along the same list.

Example
A1 = B1
001 = Red bag
002 = White bag
001 = Red bag
003 = Blue bag
003 = Blue bag
002 = White bag
etc etc

Hope I have made sense, thanks for your help in advance.

Thank you Oeklere Vlookup works perfectly.
Much appreciated.