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First neither redis or memcached handles caching of images. Memcached is a simple key-value store. Redis essentially works as a key-value store but it has support for other types as well. Such as lists. When it comes to caching images you would use something like nginx.
Secondly, the first option is suboptimal if you want your page to load as quickly as possible. As it will need to load a bigger file than necessary. The second and the third option is essentially the same. Easy-thumbnails for example doesn’t create thumbnails on the fly in the template. It generates them as needed and then you can access those thumbnails from your static_folder.
If you want to manipulate images, you will need PIL or Pillow if you’re using Python 3.
Source:stackexchange.com