Though the update is not a major one and doesn't bring many design changes to the Play Store, it does add some usability improvements.
Android Police has listed some minor tweaks introduced with the Google Play Store update that includes a Recently Updated section, combined notifications, Book sales will displaying full list prices, much like Amazon, and the Buy and Rent keys being swapped in Movies, and the update notification displaying a "Touch to update" message.
One of the most significant changes seen on the new updated version of the Play Store is the addition of the 'Recently Updated' section that will now appear in the 'My Apps' category of the Store. The new section will include apps that have been recently updated now. Earlier, a recently updated app used to be included in the general list or the 'Up to date' list with other apps.
The next major feature added with the update is combined notifications after apps are updated. In the current version, for every successful update there is a separate notification that pops up in the notification bar.
Google has announced the roll out of the new Play Store version but it might take some time to reach your device. But users can expect the update for the Play Store to land on their devices, soon.