Consignment refers to the act of giving or granting something, such as a right, power, or authority. In a business context, consignment is often used when describing an arrangement whereby goods are sent by one party (the consignor) to another party (the consignee), with the understanding that the consignee will sell the goods and then remit the proceeds back to the consignor. This type of agreement can be beneficial for both parties, as it allows businesses to test market demand without having to make a large upfront investment in inventory or production costs.