This thread is resolved. Here is a description of the problem and solution.
Problem: Need to translate shop base url and product base url for WooCommerce.
Solution: The correct approach in translating the shop slug is to go to Settings > Permalinks > Product Permalinks section and ensure that the shop base is selected.
From there click on “translations” or simply go to WooCommerce > Woocommerce Multilingual page > Store URLs tab > Shop page and translate to french by clicking the ‘+’ under the french flag.
If instead, you would like to use use ‘product’ base url for your products, go to Settings > Permalinks > Product Permalinks section and ensure that the default base is selected.
To translate the default ‘product’ base to ‘produit’, go to WooCommerce > Woocommerce Multilingual page > Store URLs tab > Product base and translate to for e.g french by clicking the ‘+’ under the french flag.
Plugins required to use WooCommerce Multilingual
WPML 3.4 or above WPML String Translation 2.0 or above WPML Translation Management 2.2 or above WPML Media Translation 2.1 or above WooCommerce 2.1 or later
Relevant Documentation: https://wpml.org/documentation/related-projects/woocommerce-multilingual/
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