WooCommerce Custom Placeholder Image

custom_placeholder_image.php

<?php

/*
Custom Placeholder Image - shows when product hasn't got an image
Author: Bartek Makowski
*/

//inside wp-content/themes/{template}/functions.php

add_action('init', 'custom_fix_thumbnail');

function custom_fix_thumbnail() {
    add_filter('woocommerce_placeholder_img_src', 'custom_woocommerce_placeholder_img_src');

    function custom_woocommerce_placeholder_img_src($src) {
        $upload_dir = wp_upload_dir();
        $uploads = untrailingslashit($upload_dir['baseurl']);
        //put your own path here
        $src = $uploads . '/2014/01/no-image-product.jpg';
        return $src;
    }

}