Wc Cancel order Pro provides you fully managed order cancellation functionality in your woocommerce powered store, it provides you various settings and options to manage order cancellation functionality. Customer can request order cancelation with some reason and details from my account order page, once cancelation request is submitted by customer order status will changed to "Cancel Request" and store admin will receive a cancelation request with an email notification for the order.
It also allows guest users to submit a cancelation request by a unique link they receive in an order details email.

The store admin can review order cancelation requests and can approve or decline the request.

It have many more premium features than free version of plugin, so please check plugin details page for more information.