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If you can run the images through a compression site manually, you'll get better results than an automated plugin for sure. Personally, my strategy is to run it through https://batchcompress.com first, then run it through tinypng a few times(tinypng can be run on the same image multiple times.). My images are all under 100 kb and still very high quality. Source: over 2 years ago
If you’re currently creating your Shopify store, keep all of the images in the same place on your PC, and compress them all at once. You can use a tool like batchcompress.com. Source: over 2 years ago
Squoosh - Compress and compare images with different codecs, right in your browser
Shrink O'Matic - Shrink O'Matic is an AIR application to easily (batch) resize (shrink) images.
Caesium Image Compressor - Compress your pictures up to 90% without visible quality loss.
TinyPNG - Make your website faster and save bandwidth. TinyPNG optimizes your PNG images by 50-80% while preserving full transparency!
ImageOptim - Faster web pages and apps.
pngquant - command-line utility and library for lossy compression of PNG images