There are several image file formats in common use during our routine work. But the use of such file formats over the web depends on a number of factors such as file size, quality, transparency and few others. So which format to use while adding graphics to webpages? You can read here to get an idea about the possible usage scenarios of different image file formats.
For better quality and file size you need to convert your images into webp format. Converting your images to this format will not only save your space but also will speed up your website speed. I have also done this for my balloon delivery website where I am constantly uploading large size of images to give ideas of different kinds of balloons.