While most people describe SVG as a vector format containing vectors, animations or interactive graphics and supported by the largest part of web browsers, few know that SVGs can also store raster images. And the best part is that these raster images can handle alpha-channel and JPEG compression, which makes SVG a great alternative for the larger-sized PNG.
SVG is also a better alternative than WebP, JPEG2000 or JPEG-XR when it comes to web programming, as it is supported by Chrome, Safari, Internet Explorer 9+ and Firefox — thus covering all major browsers.