Google announced the availability of AdWords Editor version 10.5, which lets you download product groups, upload and check changes, make bulk edits, and perform various tasks on Shopping campaigns.
You do still have to create your Shopping campaigns and product groups in the AdWords interface.
Google says in a Google+ post:
This version of AdWords Editor also supports features that improve your reach and performance across the Google Display Network. The new interest category, in-market audiences [http://goo.gl/O576sm], has been added to the “Assign Audience” drop-down. And the “Targeting Optimization” [http://goo.gl/f91GEB] drop-down now includes options for “Aggressive” targeting, “Conservative” targeting and “Disabled.”
Image via Google