WooCommerce - Custom categories and tags label

functions.php

<?php
/* Customize Product Categories Labels */
add_filter( 'woocommerce_taxonomy_args_product_cat', 'custom_wc_taxonomy_args_product_cat' );
function custom_wc_taxonomy_args_product_cat( $args ) {
    $args['label'] = __( 'Product Categories', 'woocommerce' );
    $args['labels'] = array(
        'name'              => __( 'Product Categories', 'woocommerce' ),
        'singular_name'     => __( 'Product Category', 'woocommerce' ),
        'menu_name'         => _x( 'Categories', 'Admin menu name', 'woocommerce' ),
        'search_items'      => __( 'Search Product Categories', 'woocommerce' ),
        'all_items'         => __( 'All Product Categories', 'woocommerce' ),
        'parent_item'       => __( 'Parent Product Category', 'woocommerce' ),
        'parent_item_colon' => __( 'Parent Product Category:', 'woocommerce' ),
        'edit_item'         => __( 'Edit Product Category', 'woocommerce' ),
        'update_item'       => __( 'Update Product Category', 'woocommerce' ),
        'add_new_item'      => __( 'Add New Product Category', 'woocommerce' ),
        'new_item_name'     => __( 'New Product Category Name', 'woocommerce' )
    );

    return $args;
}

add_filter( 'woocommerce_taxonomy_args_product_cat', 'custom_wc_taxonomy_label_product_cat' );
function custom_wc_taxonomy_label_product_cat( $args ) {
    $args['label'] = 'My Categories';
    $args['labels'] = array(
        'name'              => 'My Categories',
        'singular_name'     => 'My Categories',
        'menu_name'         => 'My Categories'
    );

    return $args;
}

add_action( 'init', 'custom_wc_product_cat_label' );
function custom_wc_product_cat_label() {
    global $wp_taxonomies;

    if ( isset( $wp_taxonomies['product_cat'] ) ) {
        $cat = $wp_taxonomies['product_cat'];
        $cat->label = 'My Categories';
        $cat->labels->singular_name = 'My Category';
        $cat->labels->name = $cat->label;
        $cat->labels->menu_name = $cat->label;
    }

}

/* Customize Product Tags Labels */
add_filter( 'woocommerce_taxonomy_args_product_tag', 'custom_wc_taxonomy_args_product_tag' );
function custom_wc_taxonomy_args_product_tag( $args ) {
    $args['label'] = __( 'Product Tags', 'woocommerce' );
    $args['labels'] = array(
        'name'              => __( 'Product Tags', 'woocommerce' ),
        'singular_name'     => __( 'Product Tag', 'woocommerce' ),
        'menu_name'         => _x( 'Tags', 'Admin menu name', 'woocommerce' ),
        'search_items'      => __( 'Search Product Tags', 'woocommerce' ),
        'all_items'         => __( 'All Product Tags', 'woocommerce' ),
        'parent_item'       => __( 'Parent Product Tag', 'woocommerce' ),
        'parent_item_colon' => __( 'Parent Product Tag:', 'woocommerce' ),
        'edit_item'         => __( 'Edit Product Tag', 'woocommerce' ),
        'update_item'       => __( 'Update Product Tag', 'woocommerce' ),
        'add_new_item'      => __( 'Add New Product Tag', 'woocommerce' ),
        'new_item_name'     => __( 'New Product Tag Name', 'woocommerce' )
    );

    return $args;
}

add_filter( 'woocommerce_taxonomy_args_product_tag', 'custom_wc_taxonomy_label_product_tag' );
function custom_wc_taxonomy_label_product_tag( $args ) {
    $args['label'] = 'My Tag';
    $args['labels'] = array(
        'name'              => 'My Tag',
        'singular_name'     => 'My Tag',
        'menu_name'         => 'My Tag'
    );

    return $args;
}

add_action( 'init', 'custom_wc_product_tag_label' );
function custom_wc_product_tag_label() {
    global $wp_taxonomies;

    if ( isset( $wp_taxonomies['product_tag'] ) ) {
        $cat = $wp_taxonomies['product_tag'];
        $cat->label = 'My Tag';
        $cat->labels->singular_name = 'My Tag';
        $cat->labels->name = $cat->label;
        $cat->labels->menu_name = $cat->label;
    }

}