The only thing that can be treated as universally constant in the world is change. Change is an irreversible process that takes its own course with the passage of time. The world today has become a highly connected and online place as compared to that of the last decade. …
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The world today has become a highly connected and online place as compared to that of the last decade. The masses all over the world increasingly stay in a wired as well as wireless globalized zone where live communication and direct collaboration happens every hour, every minute, every second and every moment on a regular and daily basis (Solomon and Schrum, 2007, p. 8). In the middle of the 1990s, the Internet, or the World Wide Web as it is commonly referred to, emerged as the most disruptive form of electronic and communication innovation, bringing in a sea change for the kinds of methods and processes used by various business organizations to communicate between their clients, customers, employees and even the suppliers (Petrassi, 2008, p. 1). Web 2.0 can be officially defined as the process of increasing intelligence and values for every one through information sharing and content creation and sharing (Hoegg et al., 2006, p. 13). The web 2.0 is an evolution that has happened over the years since the emergence of the dotcom bubble in the US around the year 2001 (O’reilly, 2005). The word Web 2.0 originates around in 2004. The Web 2.0 essentially represents the group of processes concerning social, design and architectural independence that promotes free and seamless migration of data as well as business processes from one platform to another using the common medium of the Internet. The processes and related patterns increasingly focus on various interaction models that facilitate and promote various levels of communication between individuals and software processes and interfaces (Governor, Hinchcliffe and Nickull, 2009, p. ix). On a simpler note, it can be said that Web 2.0 represents the practice of accessing and sharing online digital content for interpersonal purposes as well as for the purpose of service delivery (ExplainingComputers.com, 2011). Today, the latest version of the web is immensely viewed as a platform that is catering to interaction, innovation and even online delivery of services (Petrassi, 2008, p. 1) There have been a large number of benefits arising out of the huge and major adoption of 2.0 version of the web by individuals and businesses. Increasing in Buyer’s Power The emergence of businesses via the Internet due to the evolution of the Internet has significantly created an imbalance of power in the marketplace. Going by Porter’s five forces model, it can be simply said that the web 2.0 and the emergence of various business on the basis of it has significantly provided a lot of power to the buyers and consumers. Using the Internet, consumers can access feedback for the products that they are willing and interested to buy simply by visiting some websites or product related blogs (Barefoot and Szabo, 2009, p. 6). This has, in return, promoted high levels of diminishing customer loyalty for any particular brand (Governor, Hinchcliffe and Nickull, 2009, p. xi). High levels of Exposure The emergence of web 2.0 provides a great window of opportunity for companies around the globe. The companies can display their products to a global audience while also promoting their products using various extensive Internet applications, thereby increasing their degree of involvement (Roughley, 2007, p. 4) Increasing the Consumer Involvement As of today, companies are making their presence felt on the social networking sites and are increasingly rolling out online marketing campaigns in an attempt to increase the degree of involvement for the consumers, which helps in increasing their marketing potential (Lincoln, 2009, p. 140). The web 2.0 provides the online marketers with the opportunity to create advertisements that are engaging, entertaining, informative and creative at the same time (Tuten, 2008, p. 17). This helps in creating a
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