Paints & Coatings: Accelerating Revenue Growth with Innovative Digital Solutions

The paints and coatings industry is transforming significantly, driven by technological advancements and changing market dynamics. As businesses increasingly prioritize sustainability and efficiency, the demand for innovative solutions is rising. The global paints and coatings market is projected to reach $232.1 billion by 2027, growing at a CAGR of 4.4%. This growth is fueled by advancements in digital technologies, which offer opportunities for improved operational efficiency, enhanced customer experiences, and sustainable practices—all driving the bottom line.

Integrating digital solutions is paramount in industries traditionally slow to adopt new technologies for paints and coatings manufacturers; embracing digital transformation promises streamlined operations, cost reduction, and enhanced product quality, along with the potential for increased revenues. Advanced technologies like AI, machine learning, and IoT enable predictive maintenance, real-time data analysis, and automated processes, translating to reduced downtime, optimized supply chains, and personalized customer interactions.

Innovate or fall behind: The imperative of digital adoption

The paints and coatings sector faces fierce competition, with brand distinction resting on unique formulations and color offerings. Protecting intellectual property and optimizing operations is crucial to avoid losing market share to competitors who may replicate offerings at a lower cost.

A recent case from a leading global paint company (see the case study below) illustrates the importance of adopting advanced digital solutions to safeguard brand integrity, improve operational efficiency, and maintain market leadership.

In today's market, swiftly introducing new products is essential to meet evolving consumer expectations. Leveraging technology to enhance processes is key for companies to protect their unique offerings, foster sustainable growth, and strengthen customer loyalty. Such advancements are necessary to stay competitive in a landscape where innovation and efficiency drive success.

Introducing Color Picker as a Service

To address these needs, we developed Color Picker as a Service, an innovative PIM (product information management) feature tailored for paint and coating companies.

Designed with the user in mind, this solution doesn't just import product data and color palettes from manufacturers like Hilton; it also creates variant groups based on unique algorithms. This user-friendly approach allows customers to easily select colors from predefined categories, simplifying the color selection process.

Moreover, the solution provides real-time feedback on color compatibility with different base products, eliminating guesswork for both customers and resellers.

Here is how it works for you

The Color Picker widget is designed for ease of use. Customers can effortlessly navigate through color categories and select their desired shades. Once the users choose, the widget seamlessly identifies compatible base products with the selected color. This information is particularly valuable for online stores, as it ensures accurate product listings and eliminates the need for manual intervention in color selection (see below).

Figure 1: Workflow of Bluestone PIM Color Pickers as a Service

What are the business benefits?

The implementation of Color Picker as a Service yields numerous benefits for paint companies and their customers:

• Increased brand visibility - Your paints will stand out in resellers' and retailers' sales channels. Customers will enjoy a streamlined shopping experience with easy navigation, accurate color descriptions, and codes.

• Simplified color selection - The color selection widget's adaptable, user-friendly interface reduces incorrect purchases and costly returns while meeting specific customer needs.

• Efficient retail operations - It streamlines operations for online retailers, minimizing the need for manual data entry and ensuring consistent product listings.

• Accelerated brand promotion - The solution serves as a marketing tool for manufacturers, promoting their brands and products through seamless integration with reseller platforms.

Case study

 * Source: https://www.javatpoint.com/top-10-paint-companies-in-the-world

How the company benefited

• 1. Competitive advantage

  Their brand stood out more than others on the dealer's online retail site, and unlike other brands, it allowed customers to order products with the correct color online.

• 2. Market control

  Easier, correct usage of color data by partners maintained greater control over product presentation and market presence, supporting the company's premium positioning.

• 3. Enhanced brand loyalty

  Consistent use of high-quality colors reinforced customer trust and loyalty.

• 4. Operational efficiency

  Streamlined color data distribution and management, reduced update time and effort, ensuring rapid and accurate propagation of new color releases.

• 5. Protection of intellectual property

  The Color Picker API significantly reduced unauthorized copying, protecting brand integrity.

Future-proofing your business with modern digital solutions

Integrating innovative digital solutions like Color Picker as a Service is not only for the paint and coatings industry, but for a wide range of sectors in order to stay competitive and meet evolving market demands.

Ultimately, successful digital transformation drives sustainable growth, enhances customer loyalty, and solidifies a company's competitive position in the market.

Are you looking for an innovative and feature-rich PIM solution to support your paint and coatings business? Bluestone PIM offers Color Picker as a Service to simplify color selection, as well as a full suite of product information management tools to support asset management and make selling to customers easier. Contact us to learn more or schedule a demo to find out how Bluestone PIM can benefit your business.