Document Retention in Office 365

[abdullah202026]

What is the best practice for document retention?

1. Is it good to use content type and then mark them as record using custom script?
2. Will Office 365 retention labels suffice?
3. Should we go with 3rd party approach with AvePoint or any other tool out there? What are the available tools?

[#2]

Use retention labels to declare document as records. When you create a retention label you can optionally configure the label so when used, the document or folder is declared as record

[#3]

@Juan Carlos González Martín 

I see there is option to create retention policies on Content Type using Information management policies. Is Information Management Policy deprecated? Can we use it for our solution, where we need to define retention policy based on content type?