This compound is primarily utilized in the field of organic synthesis, where it serves as an intermediate in the production of more complex chemical entities. Its structure, featuring both hydroxyl and methoxy groups, makes it a versatile building block for the synthesis of various pharmaceuticals and agrochemicals. Additionally, it can be employed in the development of polymers and resins, where its functional groups contribute to the material's properties, such as adhesion, flexibility, and durability. In research settings, it is often used to study biochemical pathways and enzyme interactions due to its ability to mimic certain natural compounds.