This code converts the image file to Base64 string data. But I want to reduce the size of the base64 string because the size of the base64 string data I converted is larger than the image file. Is that possible?

<input id="inputFileToLoad" type="file" accept="image/*" onchange="encodeImageFileAsURL();"/>
<div id="imgTest"></div>

<script type='text/javascript'>
  function encodeImageFileAsURL(){
    var filesSelected = document.getElementById("inputFileToLoad").files;
    var fileSize = filesSelected[0].size;
    if(fileSize < 10000000){
      if (filesSelected.length > 0){
        var fileToLoad = filesSelected[0];
        var fileReader = new FileReader();

        fileReader.onload = function (fileLoadedEvent){
          var srcData = fileLoadedEvent.target.result; // <--- data: base64
          var newImage = document.createElement('img');
          newImage.src = srcData;

          document.getElementById("imgTest").innerHTML = newImage.outerHTML;
          alert("Converted Base64 version is " + document.getElementById("imgTest").innerHTML);
        }
        fileReader.readAsDataURL(fileToLoad);
      }

    } else {
      alert("File exceeded"); 
      }
  }
</script>