How to effectively use WebP for shopify speed optimization

i) You can not upload WebP files to Shopify (supported formats are JPG, progressive JPEG, PNG and GIF).
ii) You have to upload your files in JPG or PNG format and Shopify will serve them in WebP format for all browsers that support it(Chrome, Safari and Opera).

1. Benefits of WebP image format for Shopify store

i) Faster Shopify store load time
ii) Smaller image size with zero efforts
iii) High-quality Product images

2. Identification for shopify serving WebP images

Refresh page,click on Network and you will see the rendered image format under Type.