Hello,
Please try this way of theme update: export theme settings in Theme Options > Import/Export > Import or Export your theme configuration > Export Options, then activate default theme (Storefront), rename woopress folder via FTP and upload new theme archive in wp-admin > themes or theme folder via FTP (without overwriting), enter your purchase code to activate the theme and skip Setup Wizard, then import your theme options. Check your site, if all is well, you can delete the old theme. Likely, after the update, you need to re-add widgets (Appearance > Widgets).
Don’t forget to create backup of your files and database before starting update process!
Also, update all required plugins https://www.8theme.com/download-plugins/
Regards