This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex chemical structures. Its conjugated system makes it valuable in the development of organic electronic materials, such as light-emitting diodes (OLEDs) and photovoltaic cells. Additionally, it serves as a precursor in the synthesis of pharmaceuticals, particularly those targeting anti-inflammatory and anticancer properties. Its methoxy and ester functional groups enhance its reactivity, making it suitable for various coupling reactions in medicinal chemistry. Researchers also explore its potential in designing fluorescent probes for biological imaging due to its naphthyl group, which can exhibit strong fluorescence properties.