Chinese online shoppers are placing orders that will allow the country to get a new title by the end of this year: the world's largest Internet retail market.

The value of the nation's online retail market will increase from $294 billion this year to $672 billion in 2018, a compound annual growth rate of 18 percent, said Forrester Research Inc, a United States-based consultancy.

The US - currently the largest Web retail market - is expected to spend $262 billion on online shopping in 2013, said Forrester. The world's largest economy will see demand for online retail jump at an annual growth rate of about 10 percent until 2017, boosted by a strong economic rebound, it added.