This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and bioactive molecules. Its structure, featuring hydroxyl and methoxy groups, makes it a valuable precursor for synthesizing coumarin derivatives, which are known for their wide range of biological activities, including anticoagulant, anti-inflammatory, and anticancer properties. Additionally, it is employed in the development of fluorescent dyes and probes due to its inherent fluorescence properties, making it useful in biochemical and cellular imaging studies. In material science, it is explored for its potential in creating organic electronic materials and photoresponsive systems.