Recently we started giving away gift cards to whomever subscribes to our newsletters. Within the past few days we have collected around 5k subscribers and they are still growing everyday. The niche is basically clothing, life-style and fashion. What will be your approach in order to monetize this kind of list?
Before trying to monetize anything. You should segment the list first, see which one lies in lifestyle and which one in the other ones.
You can create a form about a simple query asking which one they like better and mail to them, or just put a "tick" panel in the first subscription page.
Find some good PLR article about latest topic in the niche and start sending them before recommending any product.
You have collected emails alright. But now ask yourself why would people listen to you. If you don't give them a path to trust you.