Leading questions: Gary Rohloff is the chief executive of Kiwi buy now pay later company Laybuy, listed this year on the Australian Securities Exchange
How would you describe 2020 for your business?
It’s been one of the most challenging years any business leader will ever experience. Despite that it’s also presented new opportunities as consumers have continued to embrace the benefits of buy now pay later (BNPL). This has allowed Laybuy to continue its rapid growth trajectory and end the year strongly.
How do you think the Government has handled the Covid-19 crisis?
Overall, it has done an excellent job in managing an incredibly difficult situation. And while it is always easy to sit back and criticise with the benefit of hindsight, Kiwis are blessed to be enjoying a summer free of restrictions unlike other parts of the world, such as Britain, which are continuing to face rolling lockdowns.
What are two key things leaders should do for economic recovery?
The NZ economy has shown itself to be incredibly resilient to the impact of Covid, but some sectors are clearly hurting, the most obvious being tourism. It would be good to see the
Government move towards opening our borders to “safe” countries that have Covid well contained. This should be backed by strict testing of visitors before and upon arrival. The housing market is also an area of concern. Continued rapid price escalation makes it increasingly difficult for first homeowners to get on to the property ladder. I would encourage the Government to undertake further work to address supply issues, including making it easier to free up land for housing development in our urban areas.
How is your business planning to tackle 2021?
We plan to tackle it in the same way we have tackled every year since we launched — with passion, positivity, commitment, and determination. Buy now pay later is rapidly becoming a payment method of choice for consumers and we are absolutely committed to be the provider of choice, not only in NZ but around the world. In 2021, we will continue to focus on growth opportunities in Britain and are excited to be launching into the
United States, where the opportunities are immense.
What will be the major challenges and/or opportunities in your field?
BNPL is growing rapidly worldwide but isn’t necessarily well understood by those who don’t use it.
It is critical the industry is seen to be responsible and transparent with both consumers and retailers, and Laybuy is committed to being at the forefront of these conversations. Levels of BNPL adoption in Europe and the US are much lower than in NZ and Australia and this presents immense opportunities for growth.
What was the most interesting non-Covid story of 2020?
It was interesting to watch the US election from afar. Donald Trump is unlike any other politician and it will be fascinating to see what his next move is. I suspect he is unlikely to ever admit he was defeated.
Where are you holidaying this summer?
Our entire extended family are heading down to Tauranga to spend
Christmas with my elderly parents. We will spend some time at Mount Maunganui and then head up to the Bay of Islands.
What are your predictions for 2021?
As Covid vaccines emerge, attention will quickly turn to how many people choose to be vaccinated. I suspect the days of travelling freely and safely may be some way off. For Laybuy, 2021 promises to be another strong year as we launch into the United States.