The Google logo is seen on a sign outside of Google Inc. headquarters in Mountain View, CA, August 6, 2004. Shares of Google Inc., owner of the world's most-used Internet search engine, jumped 18 percent on their first day of trading after the company went public in a $1.67 billion stock sale. Photographer: Erin Lubin/Bloomberg News

Google kicks off its annual I/O conference Thursday, an annual gathering that the firm uses to give its all-important developers a better idea of where it's priorities lie for the next twelve months.

Here's a quick look at what Google's expected to highlight today:

Shopping: Google has already confirmed that online shopping is a priority area for the company, after chief business officer Omid Kordestani said Wednesday that Google's planning an "imminent" launch of a Buy button in its search results. The New York Times reported that Google is also planning to launch a new payment service, Android Pay, that will let users pay for goods by way of their cell phones. The report said that the company's existing payments app, Google Wallet, will be reintroduced as an app that will allow consumers to send money to each other from debit accounts.

The moves follow what Google competitors have done, and show that the tech giant isn't content to leave the world of mobile payments to other firms. Apple's Apple Pay, which is built into the company's latest generation of phones, has garnered a lot of buzz and retailer support since its launch this fall -- though it's difficult to get hard facts on exactly how many people use it regularly. Samsung, whose phones run on Google's Android platform, has announced its own payment service, LoopPay.

Android: Google I/O also tends to be the place where the company gives an early glimpse into its latest build of the Android mobile operating system. Google names its systems alphabetically and, if the pattern holds this year, it should be showing off a version of Android that starts with "M."

The company hasn't been forthcoming with details on what to expect from a new version of Android, in addition to possible payments support. But that hasn't stopped speculation, of course. For example, TechCrunch reported that the new build may include universal support for fingerprint readers on Android phones -- something that's been up to hardware makers such as Samsung to add up to this point.

Given Google's past announcements, it's also likely that we'll hear more about the company's plans to put Android in, well, everything. With its acquisition of Nest last year, Google has emerged as a leading company in the smart home world, though it faces competition from Amazon and -- according to pesistent rumors -- Apple as well.

Of course, we should also not forget about the wearables trend. Google's Android Wear, which powers smartwatches from Samsung, LG and others, will probably also get some stage time as the entire tech industry eyes the potential growth from the wearables market.

Hardware: Google has historically used I/O's stage to show off new hardware -- past years have seen the launch of new tablets and smartphones in Google's Nexus line, as well as the first public appearance of Google Glass in 2012.

This year may see the introduction of two new Nexus phones, according to a report from the Android-focused blog, Android Police. The blog reported earlier this week that the company would skip introducing a tablet in favor of  a 5.7-inch screened phone from Huawei and a 5.2-inch model from LG. The blog made clear that this is a rumor, however, backed by a 7-out-of-10 confidence rating.