There have been some attempts to study the dynamic nature of Web sites, but there is still little research evidence to explain why and how organizations, especially SMEs, continually evolve their Web presence. It has been suggested that the adoption of Internet technologies by Small and Medium-sized Enterprises (SMEs) follows a sequence of stages. These models imply a development of their Web sites from the most basic to the most advanced level of sophistication and integration. However, these staged models have been discredited in the literature and are now accepted as being flawed and inadequate to describe the actual adoption of Internet technologies by SMEs. A framework distinguishing three dimensions of change (process, content, and drivers) has been developed to study and classify this evolution. The aim of this research is to study, empirically and by case studies, how SMEs Web sites change over time to gain insights into the actual evolving strategies and motivations behind Internet investments.