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Yes, this will be helpful when you use the ElasticPress plugin. The two plugins do different things. This plugin benefits all sorts of operations requiring database handling, such as order handling, product display, stock-keeping, and so forth. ElasticPress accelerates search-box functions by using a web service called elasticsearch.io , to help your audience find what they need on your site.
As for compatibility with other plugins, it’s my policy to fix those issues as I find out about them. I don’t have any reports of problems right now. If you find any, please report them.
Thanks for your interest.