I have purchased an asset from Unreal Engine, when I add it to the project, it gives this error that it supports 5.3

If it still doesn’t work after trying multiple times over the space of an hour or so - try contacting the vendor directly, their contact details should be on their store page.

Are you using a standard UE from their site or are you building your own from source? That can sometimes happen when building from source - you may need to install a standard version along side to be able install content.