You can do this with CSS.
Add this to the Additional CSS module of the customizer or with a plugin:
http://www.wpbeginner.com/plugins/how-to-easily-add-custom-css-to-your-wordpress-site/
For bulletpoints use the list-style-type property with value disc
.widget.related_posts_by_taxonomy li {
list-style-type: disc;
}
For numbered list items use the value decimal.
.widget.related_posts_by_taxonomy li {
list-style-type: decimal;
}
http://htmldog.com/references/css/properties/list-style-type/
Is it possible to use arrow, if yes, what will be the style type?