What's the difference between public and private price lists on Shopify Collective?

A private price list is shared only with retailers you specifically assign, while a public price list makes its products available to any eligible retailer to instantly import without needing a private connection first, appearing to them with an Instant import label.

Importing from a public list automatically connects that retailer to you and enrolls them under your default policies. If the same product also sits on a private list you've separately shared with that retailer, whichever margin is higher between the two lists is the one that applies to their sales.