New Delhi, Aug 10 (IANS): India's e-commerce industry has recorded an impressive 26.2 per cent (year-over-year) order volume growth in FY-2023 supported by a 23.5 per cent rise in annual GMV (Gross Merchandise Volume) compared to the previous financial year, a new report showed on Thursday.

According to the software-as-a-service (SaaS) platform Unicommerce, the e-commerce space has witnessed robust growth in the electronic products & peripherals segment with a notable 46.8 per cent (year-over-year) order volume growth and GMV grew by 20.6 per cent in FY23.

The Eyewear & Accessories segment recorded a substantial 44.6 per cent (year-over-year) order volume growth.

"E-commerce is no longer just an additional sales channel, it has seamlessly woven itself into the fabric of modern business. Companies are harnessing digital platforms not only to sell but also to promote and engage with consumers," said Kapil Makhija, CEO of Unicommerce.

Moreover, the report said that the Beauty & Personal Care segment recorded a reasonable 26.6 per cent (year-over-year) order volume growth and an 18.9 per cent (year-over-year) growth in GMV.

The Fashion & Accessories segment witnessed a (year-over-year) order volume growth of 19.5 per cent along with a rise in its GMV by 15.3 per cent during FY23.

The Health & Pharma sector recorded a (year-over-year) order volume growth of 22.1 per cent. The segment’s GMV rose by 38.5 per cent leading to the average order value growing by 13 per cent during the same period.

In addition, the report mentioned that FY-2023 exhibited a slight rise in order returns which stood at 10.4 per cent as compared to 9.8 per cent order returns in FY-2022.

The report further attributed the rise in order returns largely due to Cash-on-Delivery (COD).

In FY23, the return rate for COD orders stood at 20.9 per cent, a slight uptick from the 19.3 per cent recorded in FY22.

Conversely, returns on prepaid orders exhibited a marginal increase, rising from 5.6 per cent in FY22 to 5.8 per cent in FY23.