How to upgrade from 2.3.4 to 2.4.7

Dear Team,
Our present journal system is running on OJS 2.3.4 and we wish to upgrade to the latest stable release for better UI and good user experience.
Kindly suggest the steps involved, fyi, we are hosted in godaddy shared hosting.

The upgrade process is documented in the docs/UPGRADE.txt file in the new version:

With shared hosting, you probably don’t have access to the command line, so for the section “Stats Migration” you will follow the “Windows” instructions. I recommend the “Full Package” method of upgrade. If you are able to modify your php.ini settings, increase the max_execution_time as much as you are able, and then for the “Upgrading the OJS database” section, you will follow the “Web” instructions.