Web designers have had to rely on heavily optimized JPGs to cut down on load time. The JPEG has been the predominant image format for web designers for the last ten years or so. Google is trying to introduce a new image format that could dethrone the jpeg and ultimately reduce the size of the web.
The webP image format creates smaller file size and better-looking images. Our feeling is that we really do need an image format that look great and speed load time--essentially reducing power consumption. WebP provides both lossless and lossy compression of images. The webP lossless format is 28% smaller in size compared to PNGs, which is something designers and web developers alike will love. WebP lossy images are 25-34% smaller in size compared to JPEG images. And, the best of all, webP supports transparency, which makes it a real contender, in our book.