On this type of hosting your website is stored on a web server alongside the websites of other customers.
The vast majority of website owners choose shared over self-hosting for the simple benefits that they have less to do in order to setup, maintain and pay for their website. Choose a host based on what kind of setup, CMS or framework you plan to use for your website.
Hosting for specific CMS-based websites
Many shared-hosting providers design their packages round certain CMS such as WordPress and Drupal. These generally offer one-click installations and ongoing support to maintain your website and sometimes also the CMS.
Hosting for static generated websites
Some shared-hosting provide both free and paid-for plans for a website without added features like a hosted database or features to run server-side script like PHP. If you're planning to have features like webmentions on your website then you'll need to use a separate host or service to send and receive these.