Microsoft Purview
Data Lifecycle Management – Archive SharePoint files under retention

We are introducing file archiving support in SharePoint Online, utilizing this feature administrators can seamlessly include archiving actions within their existing data retention policies. This means that, in addition to keeping or deleting data, admins can now leverage Purview DLM to archive files according to organizational requirements, ensuring comprehensive governance across all stages of the content lifecycle in SharePoint Online. Retention based file archiving moves inactive content to low-cost storage, lowering costs with no compromise on Compliance, keeping data discoverable and making Copilot results highly relevant.