The conversion value set on the product is the one with the greatest importance.
To associate the product with a specific number of points, go to the product detail page, enable the option Override points options, choose from a fixed or percentage amount of points (or exclude the product from point collection), then insert the value in the Points to apply field as shown in the image below.
Moreover, through the option Override will be valid, you can make points associated to that product be valid until you will disable the rule or only for the specified time range specified with a start and end date.
If we specify, so, 50 points for the product “Hiking shoes”, customers will earn 50 points instead of 3 (as specified in the global rule with a €10 = 1 point conversion).
Just like for simple products, the same options can be also configured for variable products in a different way for each variation.
If you want that no discount is applied to a specific product, just enter 0.