If you have used tools like Google’s PageSpeed Insights, you probably have run into a suggestion to use “next-gen image formats”, namely Google’s WebP image format. Google claims that their WebP format is 25 – 34% smaller than JPEG at equivalent quality.
In any case, when converting images to WebP, check that they are actually smaller than the JPEG equivalent. There’s no need to serve larger images to your users than needed.
Great analysis of the WebP image format and a good reminder to not blindly follow what various auditing tools are reporting. Test and verify in addition to implementing the various suggested improvements.