Unless you are using RAW, TIFF or similar formats then all other image formats already have significant compression.
JPEG and PNG will be compressed already. The only way to remove a lot of size is to make the images smaller, i.e. pixel x by pixel y, But then you'll affect the original quality.
Similar effect is digital 'zoom'. The photo-receptive chip is a fixed pixel x/y array and each pixel is a fixed size. The light hitting the array is what will make the image. A digital zoom will take part of the array and make that the captured image and state it as a zoomed in image. If you capture at 'non-digital-zoomed' you will then be able to edit the image afterwards to create a smaller image but set the DPI to infer a bigger image at lower quality.
One thing I noticed with C2 backup is that it noticed the same file (image) being uploaded twice in different folders. The upload time was reduced (I have a low upload speed so it was very noticeable that the second upload didn't happen) but the storage space was accounted for both uploads.