The order status is the order processing situation. According to the situation you can leave it in state so that your customer and the store administrator know better about the order.
Order status may be as, processing, canceled, awaiting payment, exchange, return, and so on.
How to create order statuses?
01. Click the Customers menu> Order Status.
02. To add more states click the insert button.
03. Enter the status you want, and then press Enter again. If you want this state to be the main one (it will be the first state when you receive a request, we suggest you leave it as pending, or processing), tick the square, put it on the main.