Favicons, short for "favorite icons", are small images/ icons that represents your brand on browser tabs, bookmark lists, search history, search ads and even search results.
A favicon fulfils the following functions:
Favicons provide more effective branding by allowing users to quickly identify your website. Think about when you’ve scrolled through an endless list of bookmarks or tried to find a specific website when there are 20 tabs open — it is much easier to identify a site by the favicon image than by reading through everything.
Easy identification by a user (the website will stand out)
The website looks more professional and credible
How can I insert my favicon?
There are numerous online free tools that can help you generate favicon for your website without much efforts e.g. http://www.favicon.cc/, http://www.genfavicon.com/, https://www.favicon-generator.org/, https://realfavicongenerator.net/, http://www.favicomatic.com/ etc.; you can discover plenty more by making a simple search on the web.
It is really easy to upload favicon by visiting your Admin Control Panel and more specifically theme style.
Favicon resolution & format
Favicon images work best across all browsers when sized between 100px × 100px and 300px × 300px, though they are displayed at 16px × 16px. These are the standard favicon dimensions.
We recommend using an .ico or a .png file as the favicon image. Some versions of Internet Explorer may have trouble displaying a .png as a favicon.
Even though favicons are a small part of your site design, branding and usability, it is these small details that together make a site successful.