Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a building block in the formation of esters and ethers due to its reactive ester and ether functionalities. Commonly employed in the synthesis of local anesthetics and antiarrhythmic agents. Also utilized in fragrance and flavor industries for constructing complex molecules with desired olfactory properties. Its benzyloxy group can be easily deprotected, making it valuable in protective group chemistry during multi-step syntheses.