When it comes to eCommerce it would depend greatly on how much data is being presented per result cell. If you have a lot of data (reviews, descriptions, star ratings), you would want to include less results per page (to avoid information fatigue).
My general thoughts on this is, "sort what the user can take in". That may be different depending on what is being sold, I'd usually set my pagination between 8-20 items per page.
You can test statistics from bounce rates, heat mapping, and buying patterns to determine how the effects of more or less cells per page fair.
From a UX perspective the key to product list pages is relevance, not how much is showing. This is all derived via testing. Some popular sort methods are sorting descending from lowest price down, sorting by the most popular items (if data is available), sorting by sale items - some stores have further had success by sorting by the highest price descending (I personally haven't seen this work in practice, it may be different niche effects though).
That being said, in regards to your SEO issue, if the main argument is that spiders can crawl more amounts of data more easily if they're on one page. My counterpoint to that would be that the increased load times of loading 100 results at a time would result in a greater negative effect than having paginated pages.