Keep in mind that in SQL databases, adding and removing columns on a large table can be a very expensive operation which can take minutes or even hours. Doing it on-the-fly is a really bad idea. Adding a bunch of "multi-purpose" columns to a table is not much better. It's hard to query and you have a limit on how many properties a product can have.
The usual by-the-book solution when each product has 0-n dynamic properties is to create a second table ProductID(primary key) | PropertyName(primary key) | PropertyValue
. This allows each product to have any number of properties. You can easily JOIN
it with the main products table to get all products with their properties.
When you are open to switching database technologies, you could also use a document-oriented NoSQL database which doesn't use a fixed schema like MongoDB or CouchDB. In such databases, each document in a collection can have a different set of fields. But before you decide to make this step, evaluate how such a database would affect other parts of your application. Listing everything that could be positively or negatively affected without knowing your whole application in and out would be too broad of a question.