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There's no concern to data loss given that you don't have the Remove Plugin Data on Deletion? option checked on the Settings page, Reset tab.

Axelerant WordPress Plugin Knowledge Base > How to replace or update plugins manually > Screen Shot 2018-02-26 at 11.27.34 AM.png

Update Plugin Using FTP

Deactivate the current plugin
Download and unzip files locally
Upload the directory to your website's /wp-content/plugins/ directory
Be sure to overwrite your existing plugin folder contents
Activate the plugin

Update Plugin Using WordPress

Uncheck "Remove Plugin Data on Deletion?" on the Settings' Reset tab and Save
Deactivate the current plugin
Delete the current plugin - Ignore the WordPress data deletion warning, it's always there for plugins with uninstall methods.
Upload plugin via WordPress Admin > Plugins > Add New, Upload tab interface
Activate the plugin