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Image alt text has a couple of uses. Basically, it's an opportunity to put into words what the image is and it's function on the page. This is helpful to both users and to Google and other search engines, which is why we have added an easy way to enter image alt text for images on our website builder.
From a user standpoint, alt text is what shows in place of an image if they have images turned off on their web browser or are unable to see images for any other reason.
For Google and other search engines, it helps them index the image, so it can be found based on the keywords you use in your image alt text. However, keep in mind that alt text best practices should mean that you're using relevant keywords to what is actually in the image and it's purpose on your website.
If you would like more information about image alt text and Search Engine Optimization (SEO) best practices, we doing some research online as there are many great resources out there.