According to a report from Reuters, Google has been working on monetizing all the product searches that pass through it and almost inevitably go to Amazon by pointing buyers to other places they can purchase the same item. Search results won't be affected, so you'll likely still see Amazon among the top results if you look for something, but the sponsored shopping results will start showing products from its Shopping Actions partners.
Google has already teamed up with Target, Walmart, Costco, and Ulta Beauty, who are listing their products and linking their loyalty programs on Google Search, Google Express, and through the Google Assistant on phones and smart speakers. The program seems to be a success so far as these retailers are seeing the average size of a shopping basket increase by 30% by showing up in these sponsored results.
When it launches officially, Shopping Actions will be available for US retailers of all sizes. Beside combating a little bit the Amazon juggernaut, Google is directly profiting here as well because it's getting a piece out of every purchase made through it. Overall, it seems like a win-win situation for both the retailers and Google who are looking to grab a piece of this ever-expanding online shopping market.