This compound is primarily utilized in organic synthesis as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure, featuring a benzo[b]thiophene core, makes it valuable for developing compounds with potential biological activity. It is often employed in the synthesis of heterocyclic compounds, which are crucial in drug discovery for treating diseases such as cancer, inflammation, and infections. Additionally, its methoxy and ester functional groups allow for further chemical modifications, enabling the creation of diverse derivatives with tailored properties for specific applications.