WebP supports both lossy and lossless compression, transparency (alpha channel), and animation. Every major browser and operating system has supported it since around 2020.
Switching hero images from JPEG to WebP is one of the cheapest Core Web Vitals wins available — smaller bytes mean faster Largest Contentful Paint on mobile.
For maximum compatibility, serve WebP with a JPEG or PNG fallback via the <picture> element; for a modern-only audience, plain <img src="…webp"> is fine.