I've developed a Commerce Site using Drupal Commerce. The project is started one year ago.
The Products Types was created using "Term Reference" Field connected to a "Localized" taxonomy vocabulary.
The user create the Products and later translate it using "Entity Translation". When all variants are created and translate this products are connectde to a "View Node" using a "Product Reference" Field.
The view node use Multilingual Support of Internationalization to translate it (there is not enable Entity Translation).