The authors explore various Web 2.0, social media as well as communication networks developments. Web 2.0 is defined and viewed as a paradigm shift. They examine how the vast amount and huge variety of information on the Web is attempted to be organized, sorted, ordered, tagged and classified. The nature and role of social networking sites are addressed, especially asking how businesses might find a role here. Moreover, the authors ask how one might reach and connect with Web 2.0 customers and what strategy businesses might pursue. Online shopping communities are explored and opportunities for retailers are identified. Lastly, questions and issues are raised about the implementation of Web 2.0 and the bottom line, i.e. an attempt to see what some businesses are doing in this context and how they embrace Web 2.0 technologies and applications. Conclusions highlighting four predictions for the future of social networking and social media are offered.