In this paper we investigate the role of personal relationships in business markets in the information technology era. In particular we were interested in how the spreading of usage of information technology affects the importance of personal relationships, trust, commitment or loyalty in the business to business relationships. The results from our combined qualitative and quantitative research program indicate that while information technology transforms the methods of interaction in business relationships, personal relationships still keep their importance. The social embeddedness of economy still seems to exist in our post-modern, technology driven world. The interpersonal relationships and networks of these relationships still seem to play an important role in business life. Based on our results we believe that both (face-to-face and information technology mediated) types of encounters can be effective.