How can you optimize an image for better web performance without losing its quality significantly?

Image optimization tools such as TinyPNG or ImageOptim can compress images without a significant loss of quality. They strip out unnecessary metadata and use various compression techniques to reduce file size. While converting an image to a vector format can be useful for certain types of graphics (like logos), it's not a universal solution. Increasing an image's contrast does not optimize its size for web performance, and the BMP format is uncompressed and unsuitable for web use due to its large file size.