A company needs to archive data that users seldom access to reduce storage costs. Which Amazon S3 feature should they use?

S3 Lifecycle is the correct choice because it allows you to define rules to automatically transition objects to different S3 storage classes or expire them after a specified time. This directly addresses the need to reduce storage costs for seldom-accessed archived data by moving it to more cost-effective storage classes like S3 Glacier or S3 Glacier Deep Archive. S3 Versioning keeps multiple versions of an object, increasing storage costs, not reducing them. S3 Object Lock prevents objects from being deleted or overwritten for a fixed amount of time or indefinitely, which is for data retention and compliance, not cost optimization of infrequently accessed data. S3 Inventory provides a flat file list of objects and their metadata, which is for auditing and analysis, not for managing storage costs through transitions.