Image compression refers to the process of reducing image file sizes without significantly affecting their visual quality. By compressing your website’s images, you can make pages load faster and use less bandwidth. While there are two types – lossy compression which removes some image data, and lossless which preserves all data – both help improve your website’s performance and user experience.
See also: WebP, JPEG, PNG, Image optimisation
Further reading: How to Optimise Images for Better Web Performance