It's not possible to serialize NopCommerce domain model objects. Not supported yet. You will get stackoverflow exception because of circular referencing properties.
While serializing is not possible, you can't replace implemented ICacheManager with a disributed one like Redis or Memecached.
Somehow if you manage to serialize domain objects, deserializing will block your way also. After deserializing you need to attach the objects to ObjectContext to keep Entity Framework based queries work.
NopCommerce team has started to do some implemetations for Azure. Hopefully they will also support distibuted cache soon.