Amid the fierce competition among online retailers in China, total transactions in the Internet retail marketplace jumped 47.3 percent year-on-year to 754.2 billion yuan ($123.2 billion) in the first half of this year, according to a report released on Monday.

Online retail transactions accounted for 6.8 percent of all the retail sales in China during the same period, according to the report by the China e-Business Research Center, a Hangzhou-based independent research firm.

Online shopping is expected to contribute 7 percent of China’s retail sales by the end of this year, according to a report by the China e-Business Research Center.Provided to China Daily

Online shopping is expected to contribute 7 percent of China's retail sales by the end of this year, with the total turnover of online shopping reaching 1.74 trillion yuan in 2013, said the report.

Tmall.com, a leading business-to-customer online platform owned by China's e-commerce giant Alibaba Group, is the biggest winner in the first half of this year by securing 50.4 percent of the market share in Web-based retail business.

JD.com, another online retailer, slightly increased its market share to 20.7 percent, taking second place. The online business sector of Suning Commerce Group Co Ltd, a leading home appliance retailer, made significant progress in the first half of the year.

The company's market share increased 54 percent year-on-year, securing a total of 5.7 percent of China's online shopping market between January and June.