Step 1: Use known trigonometric identity.
\[
\sin 20^\circ \sin 40^\circ \sin 60^\circ \sin 80^\circ
\]
Step 2: Substitute value of $\sin 60^\circ$.
\[
\sin 60^\circ = \frac{\sqrt{3}}{2}
\]
Step 3: Apply product identity.
\[
\sin 20^\circ \sin 40^\circ \sin 80^\circ = \frac{\sqrt{3}}{8}
\]
Step 4: Final calculation.
\[
= \frac{\sqrt{3}}{8} \times \frac{\sqrt{3}}{2} = \frac{3}{16}
\]