The Website date format string setting on the Configuration Options page allows you to change the format used on the website and to set your own format by using any combination of the php date format strings.

The default format, which is set is: m/d/y and if for example you would like to make the date to show up first and then the month, you can change it to d/m/y and click on Save to save the new settings.

Since you can use any php date format, you have the flexibility to set different formats - here are a few examples:
"F j, Y, g:i a" // March 10, 2019, 5:16 pm

"m.d.y" // 03.10.01

"j, n, Y" // 10, 3, 2019

"H:i:s" // 17:16:18

"Y-m-d H:i:s" // 2019-03-10 17:16:18

The full list with format characters is provided below - 

Days
d -   Day of the month, 2 digits with leading zeros    01 to 31
D -   A textual representation of a day, three letters    Mon through Sun
j  -  Day of the month without leading zeros    1 to 31
l - (lowercase 'L')    A full textual representation of the day of the week    Sunday through Saturday
N -   ISO-8601 numeric representation of the day of the week (added in PHP 5.1.0)    1 (for Monday) through 7 (for Sunday)
S -   English ordinal suffix for the day of the month, 2 characters    st, nd, rd or th. Works well with j
w -   Numeric representation of the day of the week    0 (for Sunday) through 6 (for Saturday)
z  -  The day of the year (starting from 0)    0 through 365

Months
F  -  A full textual representation of a month, such as January or March    January through December
m  -  Numeric representation of a month, with leading zeros    01 through 12
M  -  A short textual representation of a month, three letters    Jan through Dec
n  -  Numeric representation of a month, without leading zeros    1 through 12
t  -  Number of days in the given month    28 through 31

Years
L  -  Whether it's a leap year    1 if it is a leap year, 0 otherwise.
o  -  ISO-8601 week-numbering year. This has the same value as Y, except that if the ISO week number (W) belongs to the previous or next year, that year is used instead. (added in PHP 5.1.0)    Examples: 1999 or 2003
Y  -  A full numeric representation of a year, 4 digits    Examples: 1999 or 2003
y  -  A two digit representation of a year    Examples: 99 or 03

Hours and Minutes
a -   Lowercase Ante meridiem and Post meridiem    am or pm
A  -  Uppercase Ante meridiem and Post meridiem    AM or PM
B  -  Swatch Internet time    000 through 999
g   - 12-hour format of an hour without leading zeros    1 through 12
G  -  24-hour format of an hour without leading zeros    0 through 23
h   - 12-hour format of an hour with leading zeros    01 through 12
H  -  24-hour format of an hour with leading zeros    00 through 23
i  -  Minutes with leading zeros    00 to 59
s  -  Seconds with leading zeros    00 through 59
u  -  Microseconds (added in PHP 5.2.2). 
v  -  Milliseconds (added in PHP 7.0.0). 

Timezone
e  -  Timezone identifier (added in PHP 5.1.0)    Examples: UTC, GMT, Atlantic/Azores
I (capital i)    Whether or not the date is in daylight saving time    1 if Daylight Saving Time, 0 otherwise.
O  -  Difference to Greenwich time (GMT) in hours    Example: +0200
P  -  Difference to Greenwich time (GMT) with colon between hours and minutes (added in PHP 5.1.3)    Example: +02:00
T  -  Timezone abbreviation    Examples: EST, MDT ...
Z  -  Timezone offset in seconds. The offset for timezones west of UTC is always negative, and for those east of UTC is always positive.    -43200 through 50400