A serial port is kind of like a secret door that lets your computer talk to other devices. It is a hole on your computer that lets you plug in things like a mouse, keyboard or printer. This hole sends data to the device and receives data back in a very specific way, one bit at a time, so it can take a little while longer to transfer information compared to other ports.
Think of it like playing telephone, where you pass a message from one person to the next, but only one word at a time. This takes more time than if you repeated the entire message all at once. The serial port is great for communicating with things that don't need to share a lot of data quickly, like your computer's BIOS or a GPS device. It's not used as much anymore because things have gotten faster and people want to transfer more data at once, but it's still very useful in some situations.