WinZip primarily allows you to create and extract ZIP archives. It also has files management, Cloud connectivity (Dropbox, Google Drive, OneDrive, etc.), data encryption, PDF conversion / watermarking, and email / IM / social media integration features. WinZip has the ability to open all major compression formats, including Zip, Zipx, RAR, 7z, TAR, GZIP, VHD, and XZ.
This review is for WinZip Standard. WinZip is also available in a Pro edition with automated file backup / archival features.