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Yes it is important. The name will not make or break you, but it factors into the overall branding, associated site æsthetics/design and the subconscious opinion and experience the visitor is expecting to have.
Hot Anal Toys is suggestive (they are "hot") and identifies your primary line of products ("anal toys"). This is a great name for a feeder site, or if your primary moving anal related items.
GH Novelties is a name better used for discrete billing, or when you are a wholesaler/distributor.
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"The time men spend in trying to impress others they could spend in doing the things by which others would be impressed."
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