Gzip compression can make site 2-3 times faster by compressing text/html/css/javascript files before sending it to user.
Gzip compression can be enabled from cpanel by visiting cpanel and then Optimize Website in Software Service Section.
Here select "Compress the Specific Mime Type" and then enter following
text/html text/plain text/xml text/css application/x-javascript
Click on Update settings to enable gzip compression.
It utilize mod_deflate in apache and add gzip compression rule in site root .htaccess file.