there're several different methods of doing this which are for example :
1. lossless compression(for PNGs)
2. lossy compression(for JPGs)
3. convert to grayscale(for JPGs and PNGs)
4. lower the color depth(for PNGs. from 24bit to 8 or less)
5. lower the resolution(for any. to 150 dpi or less)
6. resize the image(for any. from 3000x1500 to 1000x500)
7. leave them alone(for quality prick!)
Please share your thought