Compress images and lose quality

Hi,
I just recently purchased WP Smush Pro and while it does compress images, it only compresses a tiny amount. for example a 3mb jpg file only gets compressed by 80kb.

Does WP Smush Pro have the ability to compress and lose some image quality?
(Willing to lose lots of image quality as they simply take too long to load)
I need to compress these images much more than only a handful of kb.

Thanks