<?php

add_filter('woocommerce_catalog_orderby', 'dotspice_change_sorting_options_order', 5);

function dotspice_change_sorting_options_order($options)
{

      $options = array(
            'menu_order' => __('Default sorting', 'woocommerce'),
            'price'      => __('Sort by price: low to high', 'woocommerce'),
            'date'       => __('Sort by latest', 'woocommerce'),
            'popularity' => __('Sort by popularity', 'woocommerce'),
            'rating'     => 'Sort by average rating',
            'price-desc' => __('Sort by price: high to low', 'woocommerce'),
      );

      return $options;
}