A website needs to be faster to decrease bounce time. It is an important factor when we do SEO for websites. If the website loads faster then it may increase number of visitors. To make the website load faster we need to optimize our images to minimum sizes.
Website doesn’t need a high definition images like in printing media with 300 dpi. So we can reduce the size to 72 dpi and the width and height can also be adjusted to be viewable inside a website. There are many other ways to optimize the images like you can save the images in latest image formats for example ‘webp’ that is being supported by most of the browsers.

Image Formats

Google browser supports JPEG, PNG, BMP, GIF, WebP, and SVG formats. Most of us save our images in JPG or PNG formats but we can reduce the size further if we use a WebP or SVG formats without compromising on the quality of the image.

You can use some online help if you want to convert JPG into WebP formats. There are many websites that provide online conversions like https://www.online-convert.com/. These website make your life more easy while converting an image to your desired formats.

If you are using a wordpress website it won’t allow you to upload a WebP format image so you can use a plugin that will allow WebP format in the website (https://wordpress.org/plugins/allow-webp-image/).  You can use this plugin or you can also define the formats in wordpress core php files but its cumbersome and not do user friendly.