WebP is a new image format developed by Google and supported in Chrome, Opera and Android that is optimized to enable faster and smaller images on the Web. WebP images are about 30% smaller in size compared to PNG and JPEG images at equivalent visual quality.
Lossy Compression
Saves a smaller file than lossless compression, but causes some reduction in image quality.
Quality
Choose between a smaller file with lower quality, or a larger file with higher quality.