Table size does not decrease despite records deletion

Dear All, Is there a way to truncate the table size when deleting some of the records? In my application, I delete and insert ~1 million records daily. But effectively, it should result in few hundreds additional records. But, I see the size of the table increases by a millions ( that can be seen in storage(), as well as hard disk size ). While the "select count(*) from table" reflects correct number. Is there a way, I can stop increase in table size in my scheme?

Regards, Manish