Merge Fields labels view is activated by default in this demo. You can toggle between labels and previews via 
dropdown to see the final look of the document with real data instead of labels, even before finalization or publication.
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Note
Merge Fields can be used in any template you create. You can set up multiple templates with the same set of Merge Fields to generate various types of personalized content. Use the template dropdown icon to view examples of templates with Merge Fields.
You can use Import from Word and this docx to import another email content and check how Merge Fields will be populated automatically.
You can use Export to Word to see the demo content in a Word document.
Check the source code for this demo.