14 August 2023, Mumbai
The Indian e-commerce landscape has surged with a remarkable 26.2% year-on-year (YoY) rise in order volumes during FY2023, fuelled primarily by a 23.5% increase in the annual Gross Merchandise Volume (GMV) compared to the prior fiscal year.
Insights
Unicommerce, an e-commerce enablement SaaS platform, unveiled its 'India E-commerce Index' 2023 report, revealing a subtle shift in consumer preference towards marketplaces, experiencing an impressive 31.2% YoY surge in order volumes during the period.
Furthermore, the report highlighted a substantial 44.6% growth in online orders shipped-from-store throughout FY2023, compared to the previous financial year.
Multiple data points
Embracing omnichannel strategies, the number of stores implementing such operations surged by 58.4% during FY2023, a testament to the industry's evolving dynamics.
Unicommerce, celebrated this growth, emphasizing how companies are not only leveraging digital platforms for sales but also for consumer engagement.
Notable segments experiencing heightened growth include electronic products and peripherals, with a 46.8% YoY order volume surge, and the eyewear & accessories category, recording a 44.6% YoY growth during FY2023.
Sectoral
The fashion & accessories sector also flourished, witnessing a 19.5% YoY order volume growth driven by the rising number of young consumers.
A geographical shift was observed, with Tier I cities experiencing a leading YoY order volume growth of 31.1% during FY2023, followed by Tier II and Tier III cities at 23.3% and 22.4%, respectively.
Tier II and Tier III cities' market shares slightly contracted to 18.6% and 37.1%, respectively, in FY2023, compared to FY2022.
