if the product have stock or and then also movements, you should archive it and create a new as a copy, and then flag Traceability.   If there are posted movements, it is (almost) impossible to add serial numbers to those movements.  As each serial number need a movement item.

After creating a new product, that you have to perform inventory adjustment. Create a stock list i.ex. Excel with all serial numbers, and locations.  Then of course also create inventory adjustment for the old archived product.

Whatever method you use, the traceability for the previous movements is lost.