The document discusses the shift from Web 1.0 to Web 2.0, where consumers have more control over online conversations and companies must acknowledge this change. Web 2.0 is characterized by open communication, user-generated content, and rich customization. It emphasizes design, open-source tools, and facilitating consumer participation in online discussions. Companies now recognize they must engage with consumers in social media to be a part of the conversation, rather than just broadcasting messages.