What is meant by "GOODS ON CONSIGNMENT"?

It can also mean a store is selling items that the store does not own. They are just providing an outlet for the actual owners. This would not be unusual for antique stores, for example. The store takes a percentage of the sales price for handling the sale.

Someone with an antique vase might want to sell, but doesn't have a way of effectively marketing it. An antique store has an established location and a clientele. So the vase owner asks the antique store owner to sell the vase on consignment. The vase owner hopes to get more than he would if he tried to sell it himself, and the store owner makes some money simply by putting the vase in the store and handling a sale.

Consignment stock means goods that you are holding against agreed and projected customer orders which you supply as and when they ask you for them. For example a customer might want 2000 of a certain item and want you to supply 200 of them at a time as and when they ask for them. In other words they expect you to hold the stock and treat like it is already theirs.