Should I offer a 'guest checkout' option? What are the pros and cons?

As an e-commerce store owner, I've been wrestling with the checkout process for months. Every time I look at my analytics, I see these frustrating drop-off points right before purchase. Some customers seem to hit the account creation page and just... vanish. It's driving me crazy! I know creating an account can feel like a hassle—I wouldn't want to do it either. But I'm also worried. Without accounts, how will I build customer relationships? How can I remarket? How will I track repeat purchases? I've heard arguments on both sides. Some say guest checkout increases conversions, others argue it reduces long-term customer value. My current setup requires full registration, and my conversion rate is suffering. I'm seeing abandoned carts climb month after month, and each lost sale feels like money literally walking out the digital door. I need a strategy that balances immediate sales with long-term customer engagement. Is there a way to make account creation feel less like a chore and more like an opportunity? I want customers to see value in creating an account, not feel like they're filling out a tax form. The checkout process is the final hurdle—and right now, it feels more like a wall than a welcome mat.