Used primarily in the synthesis of organic compounds, this chemical serves as a key intermediate in the production of pharmaceuticals, particularly anticoagulants like warfarin. It is also employed in the development of fluorescent dyes and probes for biological imaging due to its chromene structure, which exhibits strong fluorescence properties. Additionally, it finds application in agrochemical research for creating compounds with potential pesticidal or herbicidal activity. Its methoxy and hydroxymethyl groups make it versatile for further chemical modifications in various industrial and laboratory processes.