Hi sabrinaplush,
All of the strings and static labels in our plugin are localized, so they will be picked up by WPML(or any other translation plugin that you might be using) and its String Translation extension.
Based on user feedback and testing we’ve done, we recommend setting up a separate catalog as well as a separate set of products, categories, tags, custom fields, etc. for each language. This is because our catalog is not a custom post type and so you will most likely not be able to create a direct translation for each product, category, etc. using WPML.
By creating a separate set of everything, you have full control over the wording of everything. Then you can create two linked pages using WPML and put your catalog shortcodes on those pages, and then use WPML to translate all the static labels in our plugin.