Monetizing traffic simply means converting your traffic (or the users who visit your site) into revenue. As a publisher, you should understand your visitors' demographics, characteristics, and intents and use that information to guide your monetization efforts. There are a few different monetization models that you can use to create revenue from your traffic. They include:
Selling ad space so advertisers can reach your audience
Having users pay for your content through a subscription
Promoting products on your site and earning a commission for each sale (affiliate marketing)
Requiring an action from a user (an example of this is a rewarded video ad in a gaming app)
Selling audience data such as users' general interests (not personal information)