How to fix WooCommerce error about outdated template files

Are you getting the following error in your WordPress dashboard?

Your theme (Name of theme) contains outdated copies of some WooCommerce template files. These files may need updating to ensure they are compatible with the current version of WooCommerce. You can see which files are affected from the system status page. If in doubt, check with the author of the theme.

See the video below that explains why this is happening and how to fix it: