/**
* @snippet       Rename a Sorting Option @ WooCommerce Shop
* @how-to        Get CustomizeWoo.com FREE
* @author        Rodolfo Melogli
* @testedwith    WooCommerce 3.8
* @donate $9     https://businessbloomer.com/bloomer-armada/
*/
  
add_filter( 'woocommerce_catalog_orderby', 'bbloomer_rename_sorting_option_woocommerce_shop' );
  
function bbloomer_rename_sorting_option_woocommerce_shop( $options ) {
   $options['price'] = 'Sort by price (asc)';   
   return $options;
}