Compressing your image is a crucial process because it's the main factor that impacts the website's overall performance and speed. If you forget to optimize and compress your photo correctly, it will cause a lot of harm to your website reputation on Google. Here is a list of reasons why you should consider compressing your image:
Ranking: to make your website rank at the top position on Google Search, it needs to load fast. As stated by Google, page speed is now considered as a direct factor that impacts your website ranking because it significantly affects the user experience visiting your website. So, if your website takes more than 3s to load, the visitor will likely return to the Google page for another result. This will increase the bouncing rate of your website and give a bad signal to search engines.
Bounce Rate: the longer the load time, the higher the bounce rate. When your website took too long to load, your customer will lose interest in your website and leave your website which results in a sales drop. According to an Amazon case study in 2008, adding just 100ms to your page load time will cost you 1% of your revenue. So, choosing the correct file format and size will improve the user engagement on your site and lead to a successful sale.
User Experience: serving high-quality uncompress image in 10MB to a customer who is using an old or low-end device with a poor internet connection isn't a good idea. It may crash the entire web browser and leave your customer frustrated. So, serving thumbnail and the compressed image will make the page speed load a lot faster and improve your customer experience a lot greater.
Additional Cost: hosting a website isn't free. You need a hosting server and it's costly. By serving an uncompress image to your customer, not only you will need to pay extra money for the storage and bandwidth, but your customer will also need to pay an extra fee for their internet connection just to see your product image in 10MB!