Step 1.

Once inside the 3D editor, Go to the perspective view for better visualization.
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Step 2.
Select the item that you wish to adjust the color on. You will then notice an additional option (Color) in the right tools panel.

Step 3.
You can then use Hex codes or the color wheel to choose the color that you wish to change the product to.
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Step 4.
The color of the product will change instantly. Once you have selected your desired shade, you can click anywhere outside the color box to minimize it and continue.
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That's it! You can also copy the Hex code of the color you used on one product if you would like to use the exact same color on another product. Then when you click on the second product to bring up the color box, just go ahead and paste it in to get the exact same shade.

This video will showcase how to use this and other recently released 3D features.
Product Color Change covered from 0:30 to 1:53