WebP image format
WebP was a format created by Google. Roughly speaking, a WebP image will tend to give you a 25% file saving against a comparable PNG or JPG.
It also supports alpha and animation, so it can be a good replacement for GIF.
Making and viewing WebP is a little easier than AVIF, if only because it has been around for longer and, as such, enjoys wider support. All modern operating systems and browsers now support WebP. Even Mac-only graphics applications such as Sketch allow a native export to WebP.
While not offering quite the file savings of AVIF, WebP is a solid second choice.
There are other modern image formats, such as HEIC and JPEG XL, but both of them lack cross-browser support, so I’ve discounted them from our comparisons.