How to Estimate Number of Potential Customers?

HealthyEat, a startup, is preparing to launch an online store for organic foods in a city with a population of 20 lakh (2 million) people. To develop an effective marketing strategy and sales forecast, the startup needs to estimate the potential customer base in that city. The available data includes:


  • - A recent survey indicating that 25% of the city's population is interested in organic foods.
  • - Competitor analysis showing that three other online organic food stores in the city have a combined market share of 15% (of the entire online+offline market).
  • - Online traffic analysis revealing an average of 50,000 monthly searches for organic foods in the city.

The task is to use this data to estimate the number of potential customers for HealthEat in the city. The analysis should include the methodology, calculations, and any assumptions made during the estimation process.

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