Things you need to consider:
I couldn't rename my deployed app just by changing the name of its directory. The deployment server kept failing to start after restarting
splunk. I created a new barebones app, copied all of
/local/ from the old app to the new app, disabled the old app, then deleted its directory. That worked okay for me.
By renaming the App, did you see any issues with Dashboards/Alerts or searches under the Renamed App ?
I see below config under the App name which I want to rename, so I guess I need to rename the folder name order_services and restart Splunk cluster. Will this work or I have to do any other changes ?
-bash-4.1$ cd /app/splunk/etc/shcluster/apps/order_services/local
-bash-4.1$ ls -ltr
-rwxr-xr-x 1 app app 28 Nov 20 2015 app.conf
-bash-4.1$ cat app.conf