iLoveIMG is described as 'online service to work with images completely free and easy to use. Compress images, resize, crop, convert and much more!' and is a Image Optimizer in the Photos & Graphics category. There are more than 25 alternatives to iLoveIMG, not only websites but also apps for a variety of platforms, including Mac, Windows, Linux and SaaS. The best alternative is ImageOptim. It's not free, so if you're looking for a free alternative, you could try TinyPNG or PNGGauntlet. Other great sites and apps similar to iLoveIMG are TinyJPG (Freemium), JPEGmini (Paid), drmemes.com (Free) and OptiPNG (Free, Open Source).
ImageOptim is excellent for publishing images on the web (easily shrinks images “Saved for Web” in Photoshop). It's useful for making Mac and iPhone/iPad applications smaller (if you configure Xcode to allow better optimization).
OptiPNG is a command-line PNG optimizer that recompresses image files to a smaller size, without losing any information. This program also converts external formats (BMP, GIF, PNM and TIFF) to optimized PNG, and performs PNG integrity checks and corrections.