Used as an intermediate in organic synthesis, particularly in the preparation of flavonoids and other polyphenolic compounds with antioxidant properties. It serves as a building block in pharmaceuticals and nutraceuticals due to its structural similarity to bioactive natural products. Also employed in research for developing novel compounds with potential anti-inflammatory, antimicrobial, and neuroprotective activities. Its hydroxyl groups allow for easy functionalization, making it valuable in designing derivatives for structure-activity relationship studies.