Auto-Update via Envato Market Plugin (Recommended)
The best and easiest way to keep all of your plugins from the Envato marketplace (CodeCanyon, ThemeForest) updated is to use the official Envato Market WordPress plugin. Just download and install the plugin, connect your Envato account, and you can easily update all plugins and themes.
Note: You need to delete the plugin first before you can install/update it via the Envato Market plugin. No data will be lost.
Manually (Not Recommended)
We do not recommend this method because you won't receive any update notifications. Additionally, you may encounter an error when uploading the plugin ("The link you followed has expired"). This tutorial explains how to fix the issue.
Via FTP Tool:
Simply replace the fancy-product-designer folder.
Via WP Admin:
Deactivate the plugin and delete it. Then upload the new zip file and activate the plugin again.
In both cases, you will not lose any of your created products or settings.