Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It serves in the development of bioactive molecules due to the presence of both ether and alcohol functional groups, which allow for further chemical modifications. Commonly employed in the synthesis of ligands for receptor binding studies, especially in neuroscience research targeting serotonin and dopamine systems. Also utilized in fragrance formulations for its aromatic character, contributing to the stability and scent profile in perfumery. Its structural features make it suitable for use in liquid crystal formulations and as a building block in asymmetric synthesis.