There are a lot of methods to compress files but it depends on the size & type of files you are trying to compress and your specific needs.
Here are a few popular file compression methods and their features:

ZIP:

ZIP is one of the most widely used file compression formats. It is supported by almost all operating systems and software. It is a lossless compression method, which means it compresses files without losing any data. It is best suited for compressing multiple files into a single archive.

GZIP:

GZIP is a popular compression method used for compressing files on Unix-based systems. It is a lossless compression method and uses the DEFLATE algorithm. It is best suited for compressing large files.

7-Zip:

7-Zip is a popular open-source file archiver that supports many file formats. It uses the LZMA compression method, which is a high-performance compression algorithm. It is best suited for compressing large files and creating highly compressed archives.

RAR:

RAR is a proprietary file format that supports high levels of compression. It uses the RAR compression algorithm, which can compress files more efficiently than other methods. It is best suited for compressing large files and creating highly compressed archives.

Ultimately, the best compression method for your needs depends on  the amount of compression you require, and the software and operating systems you are using and you must try each one and chose the best for you.