Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of anticoagulant drugs and anti-inflammatory agents. It also serves as a building block in the development of UV-absorbing compounds for use in sunscreens and cosmetic formulations due to its ability to absorb ultraviolet light. Additionally, it finds application in the preparation of natural flavorings and fragrances, leveraging its structural similarity to compounds found in plant metabolites. Its role in organic synthesis includes use in cross-coupling reactions and as a precursor in the formation of more complex cinnamic acid derivatives.