Storage formats refer to the methods used to organize and save data in digital systems. Common formats include CSV for simple text data, JPEG for images, and MP4 for videos. Each format has specific characteristics that determine how data is stored, accessed, and shared. Different storage formats are optimized for various uses. For example, PDF is ideal for documents that need to maintain their layout, while XML is used for structured data that can be easily read by both humans and machines. Choosing the right format is essential for efficient data management and retrieval.