Wes recently asked if having each product variant in the structured data was a good idea.
Next question please...
But jokes aside, each variant of a product is supposed to be shown in the structured data as an Offer. An Offer is details about how a seller (you) is offering to sell a specific product. That's where the price, availability, and other critical data is located.
And if you're selling 11 different variants, each one should be included inside the product data.
Doing is gives you a few benefits:
Google will see all of the variant data and be able to associate them with the Shopify variant urls (the url to a product that automatically selects a variant).
Google will use all of the variants when showing the Rich Results. This means you might see a price range rather than a single variant's price OR Google will show the product in stock if at least one variant is in stock (vs showing it out of stock when the default variant is out).
Google Merchant Center will use the variant data to verify the data in your product data feed which prevents a ton of errors in Merchant Center.
JSON-LD for SEO includes all of the variants automatically. It's one of the major improvements over the structured data from the majority of Shopify themes and other SEO apps.
So if you have JSON-LD for SEO in your store already, you're good to go.
But if you don't have JSON-LD for SEO, you can install it today and have it starting to export your variant data (and the other 300+ other structured data fields).