diff --git a/plugins/woocommerce/changelog/update-stable-tag-7-4-0 b/plugins/woocommerce/changelog/update-stable-tag-7-4-0
new file mode 100644
index 00000000000..f8f42006c9b
--- /dev/null
+++ b/plugins/woocommerce/changelog/update-stable-tag-7-4-0
@@ -0,0 +1,4 @@
+Significance: patch
+Type: dev
+Comment: Update the stable tag to 7.4.0. No changelog entry required.
+
diff --git a/plugins/woocommerce/readme.txt b/plugins/woocommerce/readme.txt
index 6c9691ceb33..95362d54645 100644
--- a/plugins/woocommerce/readme.txt
+++ b/plugins/woocommerce/readme.txt
@@ -4,7 +4,7 @@ Tags: online store, ecommerce, shop, shopping cart, sell online, storefront, che
 Requires at least: 5.9
 Tested up to: 6.1
 Requires PHP: 7.2
-Stable tag: 7.3.0
+Stable tag: 7.4.0
 License: GPLv3
 License URI: https://www.gnu.org/licenses/gpl-3.0.html