Used as an intermediate in organic synthesis, particularly in the preparation of flavonoids and other polyphenolic compounds with antioxidant properties. It serves as a building block in pharmaceuticals and natural product synthesis due to its reactive hydroxyl and ketone groups. Also employed in the development of UV-absorbing compounds for use in cosmetics and sunscreens. Its methoxy and hydroxy substitution pattern makes it valuable in studies of structure-activity relationships in bioactive molecules.